Been thinking about RJFS. Does anyone know anything about the discounting policy for fee-based (passport, etc.) account at Raymond James. Are there "haircuts" if we decide to disount a fee below a certain %. I understand that there are program costs, etc.
Currently gross around $600k at a wirehouse. Large majority in fee based/c-share funds. Looking at all options. I keep hearing expect a 60-65% payout after expenses. I know depends on alot but is that accurate?
Any other comments/thoughts on RJFS would be appreciated.
Fee-based accounts have a flat percentage fee to RJ of .23% I believe. This means if you charge 1.23, you get 1, which equates to an 81% payout. If you charge 1.75 and get 1.42, it’s about the same. If you charge .46, you get .23, so it’s a 50% payout.
The other catch is that the .23 has to be a minimum of $100/year, which reduces your payouts on any account under around $40-45,000.
C shares get a straight 90% of 1%, which in certain circumstances costs the client less and yields more to the adviser.
I can double check the .23 when I’m back in the office Monday, it may be higher than that, like .30 or so.