Ray Jay
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For those of you at Ray Jay, 2 questions:
1. If someone told me he is a top 20% producer, what do you think his production would be? 2. I know you had a shake up on VA commissions a few years ago. What kind of products can you sell? What do they pay? If you do a change rep on a L share annuity, do you get paid the full commission, or is there a haircut at the BD level? Thanks.I’m not there, but I’ll guess…
1. 400-500K 2. My understanding is that the commission shake up effectively reduced payout to 1%/year. With that in mind, an L-share that is already set up should qualify given that the trails are 1%. What they won't let you do is sell new L-share annuities and collect more than 1%/year on average. For your sake, hopefully someone at RJ will respond as this is little more than my recollection and educated guesses...good luck.I think it depends on what part of RJ you are talking about, but top productions seems to be around $2-3MM
I think its higher than $500K. Top 35 Va producers for month of OCT all were over $52K in production and that is just VAsCompensation on Annuities cannot exceed 7% in 7 years, so Pru L share, with 4 first year and 1% every other is not available…
Disclaimer this is second hand knowledge[quote=Squash1]I think it depends on what part of RJ you are talking about, but top productions seems to be around $2-3MM
I think its higher than $500K. Top 35 Va producers for month of OCT all were over $52K in production and that is just VAs[/quote] He said top 20%. No question, the top people are million dollar producers. I'm still guessing that the top 20% threshold is much lower. I don't remember how many producers RJ had, but I'm confident that it was more than 3,000, which would mean that 20% is at least 600 producers. If this guy is top 20%, I'm betting he's not in the top 100 or he would have said so.Thanks for the responses. This guy is top 20% in the independent channel, I had guessed him at $500,000 or a little better, but didn’t know if I was in the right ballpark. It sounds like I was at least guessing the right neighborhood.
He could also be top 100 for all I know. He told me top 20% so I would know that he was a big producer, but he doesn't know me well enough to put all his cards on the table. And he strikes me as more like the client who says he has $1mm when he really has $5mm, rather than the client who says he has $1mm when he really has $500,000.He’s saying that is just for RJ independents, which is right in the range I was guessing. I’d say $500K is a fairly good guess. I would be surprised if he’s in the top 100 and underplaying his hand that much, but who knows. At any rate, he’s a respectable producer by most yardsticks and well above where I am, so I’d say he’s worth listening to.
I had thought the FA Top 50 list included this information (on top 20% of any firm). Perhaps RJ didn't include this information?
EDIT: Actually, had a copy of the mag. To be in the top 20% at RJFS is listed at just under $800K.
Financial Advisor - I think it was June? Anyways, the FA Top 50 poll gives an awful lot of data about independents. Hard copy has more than you'll find online.What mag was that in?
I believe this number...I very much question the number quoted in the magazine. SFB is with RJ as an indy. I'd say he knows what he is talking about. The $800K number, based on my limited due diligence with RJ, seems really high and I'd be interested in knowing how it was derived.1. If you eliminate those who did under 100k last year, many of whom I’m sure came aboard midyear or later, and look at the indies only, non bank, top 20% cutoff was $440,000
I believe this number...I very much question the number quoted in the magazine. SFB is with RJ as an indy. I'd say he knows what he is talking about. The $800K number, based on my limited due diligence with RJ, seems really high and I'd be interested in knowing how it was derived.[/quote] It would have been provided by RJFS; all numbers were from provided by the firms. Did it seem high to me? Feh. Perhaps. It's possible management might have wanted to fudge the numbers, but there would have been ancillary effects to that - like changes in other charts. But given that the mag indicated a minimum quota of $250K to start, then it likewise would seem to me that $440K would be low for the top 20%. No? Hey, I don't work there, so I guess I'd assume SPB knows what he's talking about.[quote=Sportsfreakbob]1. If you eliminate those who did under 100k last year, many of whom I’m sure came aboard midyear or later, and look at the indies only, non bank, top 20% cutoff was $440,000
FWIW, the guy who told me he was top 20% later told me he did around $450,000 last year. I didn’t ask him for any documentation on either number, but it seems like an odd thing to say if it isn’t true. He could have just said top 1/2 or something like that.
I believe this number...I very much question the number quoted in the magazine. SFB is with RJ as an indy. I'd say he knows what he is talking about. The $800K number, based on my limited due diligence with RJ, seems really high and I'd be interested in knowing how it was derived.[/quote] It would have been provided by RJFS; all numbers were from provided by the firms. Did it seem high to me? Feh. Perhaps. It's possible management might have wanted to fudge the numbers, but there would have been ancillary effects to that - like changes in other charts. But given that the mag indicated a minimum quota of $250K to start, then it likewise would seem to me that $440K would be low for the top 20%. No? Hey, I don't work there, so I guess I'd assume SPB knows what he's talking about. [/quote] The $250k number is to start as your own branch. You can join RJ at a much lower number, by joining an existing branch, and having the BM OSJ you. I believe that number is around 90K[quote=Indyone][quote=Sportsfreakbob]1. If you eliminate those who did under 100k last year, many of whom I’m sure came aboard midyear or later, and look at the indies only, non bank, top 20% cutoff was $440,000