Choosing a Broker/Dealer

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Nov 13, 2005 10:45 pm

I was at Jones for 5 years. I have taken over a credit union program as a producing manager. I am going to fire CUNA Brokerage Services and hire a new broker-dealer that offers more managed account choices, better payout, better back office expertise/administration. My bond buyer gave me these two: American Securities and Sigma. I have talked to LPL and Raymond James already.

Does anyone have any serious input?

Nov 14, 2005 8:46 am

I don't have any firsthand knowledge of RJ's FID division (the banking/CU arm), but based on experiences on the regular RJFS indy side (of which FID is a part) I'd encourage you to continue looking at them.

You said you've already talked to RJ, but if you haven't done so to further your due diligence with them ask to speak with the managment of other CU programs they've taken over from CUNA.  That'll give you a more complete understanding on how RJ performs and how they manage the transition.  (Obviously do the same with other b/ds.)  Also, whether RJ or not, when you get your choices narrowed down to two or three serious contenders, make sure you visit their home offices. 

Nov 14, 2005 9:29 am

Good stuff...Thanks Duke. Sigma has already invited me out and American Securities wanting to come out. I will post how they behave and perform so others will be able to use the information...

Thanks again

Nov 14, 2005 12:48 pm

I have been very happy with LPL's service model and technology since joining them.

You should also consider the advantages of having everything under one roof(custody of assets, b/d compliance, etc) at RJ or LPL versus dealing with a separate b/d and custodian arrangement.

Nov 14, 2005 1:39 pm

We use Uvest.  They specialize in banks/credit unions.  Out of Charlotte, NC and have a relationship with Pershing.  They do a good job for us.  Definitely worth looking.