Where is Raymond James
A year ago Rj was the talk of the town. Now even our message boards don’t get comment from their advisors.I visited them last year. What happened ?
The advisors at Raymond James are busy advising their clients without the media distraction of a wirehouse. Moved last year from WB to RJA and could not be happier.
Thats what I was going to say. No new is now good news as far as firms are concerned. And they can say "Hey,we still have our original name, we aren’t UBS/Stifel or AG Edwards/Wach/Wells/Whoever, ML/bankofamerica/gov’t or MSSB
I joined RJ indie side 4 months ago, couldnt be happier.
There just are no issues to talk about. We dont have forefront, transition bonuses, Senior Mangement lying through their teeth. We just run our business.Left UBS in 07 to go indie w RJ! Turned down a management job w Smith Barney, that came with an offer of $500K of restricted C (trading at $46 a share at the time) Dodged that bus. RJ has been great.
I wish I had been that smart too
Its hard for people to get excited about a firm that’s not Edward Jones. Raymond James is our little brother.
EDJ #1
This Weddle guy is funny!
Hey wired, i left an SB management job to come here - nice move, PM me, what area you are inCan you RJ give some details about how you are setup(i have seen their website and seems to be many indy options).
Any negatives?
Not sure if this is a negative, but clients can't trade options online. Only stock, not even mutual funds. But they have about 5 different options for being an advisor - ranging from employee to RIA.Can you RJ give some details about how you are setup(i have seen their website and seems to be many indy options).
Any negatives?
we have nothing to complain about - so i guess no news is good news.
Nothing to talk about. Was at AGE for 23 years. After 6 months of being lied to by WB my partner and I decided it was time to go.
RJ feels like AGE BB (before Bagby) I couldn't be happier.I never looked at any channel but the indie channel. I am a one man shop.
The only negative i can think of is that Compliance is a pain, as much as my old wire was. But in the end, i think its probably a positive, as it keeps us out of trouble. There are always going to be good and bad when you compare RJ or any firm to any other firm. On balance though i am as happy as anyone could be with my choice.[quote=Sportsfreakbob]
I never looked at any channel but the indie channel. I am a one man shop.
The only negative i can think of is that Compliance is a pain, as much as my old wire was. But in the end, i think its probably a positive, as it keeps us out of trouble. There are always going to be good and bad when you compare RJ or any firm to any other firm. On balance though i am as happy as anyone could be with my choice.[/quote] RJFS compliance is nothing compared to RJA compliance (RJFS seems much more lenient).I always though RJ’s charges were kind of high(nickel and dime stuff)
My question is a corporate one . If we met with the area manager and Tom James and got no call back does that mean we suck and are not smart enough to work for RJ. Or , are they just in a quite period for opening new branches. Oh, wait, we got the same cold sholder from SF…they said we wern’t samrt enoygh.
Rj was the best firm we met with and even though we haven’t heard from them we liked everyone we met in FL. A terrific bunch of people and I wish them well. More like AGE than anyone else we met with.
RP, our recruiting was put on hold until the start of the new fiscal year, which began in Oct. Depending on your numbers, you might be back on the radar. With your Stifel reference, I'm assuming you looked at the RJA side, not the RJFS. Give your regional contact a shout and see what comes of it. I'm former AGE, and it also came down to SF or RJ for us, and this has been a great match.My question is a corporate one . If we met with the area manager and Tom James and got no call back does that mean we suck and are not smart enough to work for RJ. Or , are they just in a quite period for opening new branches. Oh, wait, we got the same cold sholder from SF…they said we wern’t samrt enoygh.
Rj was the best firm we met with and even though we haven’t heard from them we liked everyone we met in FL. A terrific bunch of people and I wish them well. More like AGE than anyone else we met with.
RP, our recruiting was put on hold until the start of the new fiscal year, which began in Oct. Depending on your numbers, you might be back on the radar. With your Stifel reference, I'm assuming you looked at the RJA side, not the RJFS. Give your regional contact a shout and see what comes of it. I'm former AGE, and it also came down to SF or RJ for us, and this has been a great match.[/quote] We got the same treatment in Feb 2009. Went to HQ, liked everything, never heard a peep....and they (I thought) were recruiting me to open a branch. SF never really impressed me. I thought hte BOM was a typical Gruntal yahoo.[quote=Redpen] My question is a corporate one . If we met with the area manager and Tom James and got no call back does that mean we suck and are not smart enough to work for RJ. Or , are they just in a quite period for opening new branches. Oh, wait, we got the same cold sholder from SF…they said we wern’t samrt enoygh.
Rj was the best firm we met with and even though we haven’t heard from them we liked everyone we met in FL. A terrific bunch of people and I wish them well. More like AGE than anyone else we met with.
[quote=iceco1d] Redpen,
Call Harbor Financial Services, and ask to talk to Marc Whitehead. Great guy, great firm. Clear through RJ and TD Ameritrade. Same costs as RJ indy channel, plus you have a monthly fee of like $1500 (based on production). From there you get 100% payout (after RJ ticket charges).
On the TDA side, there is a flat 20 bps program fee (RIA biz only). After that, 100% payout. Check it out.[/quote]
My guess is these guys are looking for a check.
Thanks for the input and I guess I am not alone.I will call my regional at RJ tomorrow. We have 5 that want to move. Culture is important . Everyone is AGE trained and over 18 years. We miss it.
Are you looking for a check? Why not just do RIA or Indy where you can set up your own office and “culture”
I went from FINET to RJFS. Couldn’t be happier. What a difference. Building a branch now three advisors strong with a fourth joining soon. All vets in the biz like me.
Are you looking for a check? Why not just do RIA or Indy where you can set up your own office and “culture”
Half my business is transaction so I don't think I am ready for that yet although Finet looks good to me. I can move with no ACATs
There are a few important items to consider when looking at a BD. All BDs that have a reputable/quality clearing firm (RJ, Pershing,NFS,LPL, RBC etc.) can execute a trade, provide a fee platform or provide research from a stable of quality providers. Most BDs just rebrand/private label their clearing platforms and do not create any additional value from a product/platform perspective. There are small details (no devil) that do not make much of a difference but the BDs and clearing firms will make a big deal of minutia in an attempt to differentiate themselves. The major things to consider are:
1. Will the BD leave you alone to do business your way and let you create your own culture. 2. Do you need a PHD to calculate your net payout. When I was a "big wig" at an indy BD we made 5-10% beyond our cut of the reps payout from mark ups on ticket charges, E&O charges, tech fees, marketing dollars from "preferred partners", conferences which the reps paid for, compliance visits, money market and margin revenue sharing, floating payouts etc. If its too complicated to understand dont go there. You should have a flat payout, set ticket charges (also have a no ticket charge MF platform) and your total monthly charges including E&O should be around $200. 3. Will you get love? A 300k guy at a big firm is just 1 among 1000s. If you are a 1mm guy everyone bends over for you. 4. Will compliance be reasonable or are you working for a law firm? 5. Will they be flexible with specialty needs such as small Private Placement offerings alternatives, etc. 6. What do they offer beyond the clearing firm? Do they have a specialty? Bottom line is the BD going to be your boss or partner and will your clients have faith in the clearing firm (They trust you but what about where your assets are held)?I have an offer on the table from RJA, however am considering it given all their hidden bs. admin charges, etc. also, i think their ars settlement or lack thereof has people spooked.
I deal with quite a few B/D’s and their advisors, the RayJay guys by far seem the happiest and busiest.
[quote=cobia]
There are a few important items to consider when looking at a BD. All BDs that have a reputable/quality clearing firm (RJ, Pershing,NFS,LPL, RBC etc.) can execute a trade, provide a fee platform or provide research from a stable of quality providers. Most BDs just rebrand/private label their clearing platforms and do not create any additional value from a product/platform perspective. There are small details (no devil) that do not make much of a difference but the BDs and clearing firms will make a big deal of minutia in an attempt to differentiate themselves. The major things to consider are:
1. Will the BD leave you alone to do business your way and let you create your own culture. 2. Do you need a PHD to calculate your net payout. When I was a "big wig" at an indy BD we made 5-10% beyond our cut of the reps payout from mark ups on ticket charges, E&O charges, tech fees, marketing dollars from "preferred partners", conferences which the reps paid for, compliance visits, money market and margin revenue sharing, floating payouts etc. If its too complicated to understand dont go there. You should have a flat payout, set ticket charges (also have a no ticket charge MF platform) and your total monthly charges including E&O should be around $200. 3. Will you get love? A 300k guy at a big firm is just 1 among 1000s. If you are a 1mm guy everyone bends over for you. 4. Will compliance be reasonable or are you working for a law firm? 5. Will they be flexible with specialty needs such as small Private Placement offerings alternatives, etc. 6. What do they offer beyond the clearing firm? Do they have a specialty? Bottom line is the BD going to be your boss or partner and will your clients have faith in the clearing firm (They trust you but what about where your assets are held)?[/quote]I swear I've seen this on the last 50 mailings I've received from multitudes of indy BDs. And the answer is....?
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