Check out the RJ website.  Also, check out some independent opinions that you can firnd on line.

I liked RJ because of the employment options.  All the way from traditional employee to indy.  Good luck.  I agree banks are not the best place to go?  Why? cause for the most part they do not put the customer first.

Oh, you need TRAINING.  So make sure you go to a firm that gives you plenty of that.  I have been impressed with the RJ training program.

[quote=maybeeeeeeee]

Check out the RJ website.  Also, check out some independent opinions that you can firnd on line.

I liked RJ because of the employment options.  All the way from traditional employee to indy.  Good luck.  I agree banks are not the best place to go?  Why? cause for the most part they do not put the customer first.

Oh, you need TRAINING.  So make sure you go to a firm that gives you plenty of that.  I have been impressed with the RJ training program.

where do you want to go with your practice?

That is the big question. I have a solution if you live in "The City"

"We were lodged in an apartment hotel, two guys to a
suite.  It was one of the most enjoyable, and meaningful,
experiences in my life."



I’m sure it was, since you don’t have any clients of your own to help
change their lives since you’re still trying to get that 100% on your
series 7 and series 66.

Babyfat, what is your solution  to - "if you live in "The City"

Thanks

Put asked:  "A question for you RJ fans.  When it comes to new issues--does the firm make a fair portion of its allocation available to the independent side, or do they hog it for the employee producers?"

Put, there's no difference at RJ for syndicate allocation policy, whether indy rep or employed rep -- just as there's no difference in support from any other product area. 

[quote=Duke#1]

Put asked:  “A question for you RJ fans. 
When it comes to new issues–does the firm make a fair portion of its
allocation available to the independent side, or do they hog it for the
employee producers?”

Put, there's no difference at RJ for syndicate allocation policy, whether indy rep or employed rep -- just as there's no difference in support from any other product area. 

[quote=Put Trader] [quote=Duke#1]

Put asked:  "A question for you RJ fans.  When it comes to new issues--does the firm make a fair portion of its allocation available to the independent side, or do they hog it for the employee producers?"

Put, there's no difference at RJ for syndicate allocation policy, whether indy rep or employed rep -- just as there's no difference in support from any other product area. 

Hello,

Back to the question at hand, I am sure you guys have an opinion of the firms out there?  Merrill, Citi/Smith, Morgan, AGE, RJ, Waddell, etc.  

Who would you like to work for?

Who would you not work for? 

Who has the best training program? 

I have taken the Series 7/63/65/66 before and passed, it is not a problem. My seven has merely lapsed so I just need a new sponsor.   Thanks to Maybeeeee for his specific response.

Original Question: If you have an opinion as to which brokerage firm(s) are the best ones to start a financial advisor/consultant career with I would appreciate your input.  I live in San Francisco and would like to know which firms to approach and or avoid?  Ideally, I would like to be at a firm where pushing proprietary or insurance products is not the goal.

Thanks

[quote=BBaruch]

Merrill, Citi/Smith, Morgan, AGE, RJ, Waddell, etc. 

[quote=Put Trader] [quote=Duke#1]

Put asked:  "A question for you RJ fans.  When it comes to new issues--does the firm make a fair portion of its allocation available to the independent side, or do they hog it for the employee producers?"

Put, there's no difference at RJ for syndicate allocation policy, whether indy rep or employed rep -- just as there's no difference in support from any other product area. 

[/quote]

So, if I"m a million dollar producer in a dedicated branch I am going to be treated the same as a million dollar indy?

You'll pardon me if I doubt it.  I suspect that it is not in the corporate interest to allow an indy rep to take their large share of the juice out of house when it's more profitable to allow dedicated reps sell the issue so that the firm retains a larger share.

How about margin interest rates?  Do indy clients pay more than clients of dedicated branches?
[/quote]

Oops, sorry about the prior post w/ Put's quote & no response.

Put, I can appreciate your doubt about this, but having not worked at RJ you wouldn't know about the culture here.  It's in RJ's corporate best interests to treat all its reps (indy or employed) equitably as its clients, which it does as a matter of policy.  I know that's foreign to you, since you're coming from the wirehouse management posture of viewing reps as numbered revenue generators.

And, your premise about the relative profitability of the indy reps vs the employed reps is not necessarily accurate.  Because the employee side (RJ&A) has high fixed costs to run its branch system (office rents, staff, etc.) like any traditional regional or wirehouse firm, during industry downturns the indy side at RJ has had higher margins than the employee side (since indy reps pay those costs themselves).

In any event, what I said is accurate, but feel free to call RJ's Syndicate Department if you want (727-567-2400).

Re margin rates, there is no difference to the client whether their rep is an indy or an employee.

[quote=Duke#1]

Re margin rates, there is no difference to the client whether their rep is an indy or an employee.

[quote=Put Trader] [quote=Duke#1]

Re margin rates, there is no difference to the client whether their rep is an indy or an employee.

[/quote]

What flexibility do you have to get me a lower rate?  Do you receive credit of any sort for a portion of what your client's pay in margin interest?

Regarding syndicate allocations.  Are you comfortable with the statement, "I am 100% sure that I would receive the same number of shares of a hot new issue as an RJ&A producer who does similar gross and who does similar new issue as I do."
[/quote]

I have the same flexibility and work under the same margin rate policies as an employed RJ&A rep does.  Yes, like RJ&A reps (and I assume like all firms)I get a credit (15 bps gross at RJ) for margin debits (and also on cash & money market balances). 

Re your syndicate question, your question is not pertinent to RJ, as a rep's total gross production doesn't factor into our syndicate allocations.  Syndicate allocations are based on a formula that relates just to syndicate business, regardless of how much gross I do in other products.  The formula also penalizes those reps who have previously had flippers for clients, and rewards those who haven't.  So, after-market participation (buys and sells) in offerings is a factor in the formula.  Simply stated, though, I can be a million $ producer at RJ&A or RJFS and if I've never done syndicate business and am now trying to cherry pick a hot issue, I (or any rep) may not get any shares, yet a much smaller producer who has been a regular syndicate business client will get shares.  In sum, shares will go to those reps who have supported the syndicate effort pursuant to our syndicate allocation formula, and that formula is the same for both RJ&A and RJFS.

So, I'd absolutely answer in the affirmative to a question that asked if I and an RJ&A producer had the same syndicate allocation formula results would I get the same number of shares.

Again, Put, the point is, an RJFS indy rep works under the same policies relating to these subjects as an employed RJ&A rep. 

Got it now?

One learns something new each day. Thanks Duke#1.

[quote=Duke#1]

Re your syndicate question, your question is not
pertinent to RJ, as a rep’s total gross production doesn’t
factor into our syndicate allocations.  Syndicate allocations are
based on a formula that relates just to syndicate business, regardless
of how much gross I do in other products.  The formula also
penalizes those reps who have previously had flippers for clients,
and rewards those who haven’t.  So, after-market
participation (buys and sells) in offerings is a factor in the
formula.  Simply stated, though, I can be a million $
producer at RJ&A or RJFS and if I’ve never done syndicate business
and am now trying to cherry pick a hot issue, I (or any rep) may not
get any shares, yet a much smaller producer who has been a regular
syndicate business client will get shares.  In sum, shares
will go to those reps who have supported the syndicate effort
pursuant to our syndicate allocation formula, and that formula is the
same for both RJ&A and RJFS.

So, I'd absolutely answer in the affirmative to a question that asked if I and an RJ&A producer had the same syndicate allocation formula results would I get the same number of shares.

Again, Put, the point is, an RJFS indy rep works under the same policies relating to these subjects as an employed RJ&A rep. 

Got it now?

 [/quote]

The syndicate formula is essentially the same in all firms--I was simply asking a question designed to provoke a discussion.

You're there and have your point of view--but I've been around long enough to know that brokers are often like mushrooms, kept in the dark and covered with schidt.

I still suspect that a branch manager of one of the RJ&A branches can get more shares of a hot stock for his branch than the formula would dictate.  When that happens there naturally has to be less available for somebody else, and I suspect that that somebody else is the RJFS division.

As in any group, there are greater of equals.

Put, feel free to suspect all you want.  And, if I were still working in the wirehouse environment I’d be suspicious too.  Particularly in dealing with management types like you, who’s job it is is to screw the reps for the sake of the firm’s almighty dollar.  In this case, however, don’t rely on your suspicions because you’ll end up with the wrong conclusion.

[quote=Put Trader] 
I was one of twenty-two who were brought to New York for sixteen weeks
of training.  We were lodged in an apartment hotel, two guys to a
suite.  It was one of the most enjoyable, and meaningful,
experiences in my life.



Not unlike boot camp without the physical torture. [/quote]

Just look no further than RJ.  Tom James is first rate, and EVERYONE here has been available and helpful.

[quote=maybeeeeeeee]Just look no further than RJ.  Tom James is
first rate, and EVERYONE here has been available and helpful.[/quote]



Tom James is first rate?  Why in the world do you think that?  Do you think he has any “Yes” answers on his U-4?



Are you on Carillion Parkway or in an office elsewhere in the system?