IndyOne wrote a great piece on his experience deciding between RJFS and LPL.  I think the title was “Raymond James vs LPL”.  Click the search option at the top and search that for a pretty darn good blog.

Thanks, i am not looking to join as a FA, would be more like a key account manager, would be more like a wholesaler for the FA's.

CMB

[quote=CashMoneyBrothe]

Thanks, i am not looking to join as a FA, would be more like a key account manager, would be more like a wholesaler for the FA's.

[/quote]

It would depend on what you were looking for.  If your idea of a great sales force is wire house cast offs LPL would be a great place to look for them.

Ignore  him.  DA keeps getting kicked off the forum and comes back on as another name.

CMB, did you already interview with them?  Would you be recruiting advisors to LPL or working with existing advisors?

[quote=FreedomLvr]

Ignore  him.

[/quote]

Which of the independent firms has lower standards to be met in order to be accepted as a registered rep?

Do your own research, DA/Newbie/Put/worthlesstroll.  I suggest reading the latest indy b/d report.

[quote=FreedomLvr]

Do your own research, DA/Newbie/Put/worthlesstroll.  I suggest reading the latest indy b/d report.

[/quote]

I have, and it is my conclusion that among the leading independent firms none is easier to hook up with than LPL, they seem to have close to no standards at all.

Who hired you?

Different BDs cater to different FAs who cater to different investors.  While LPL does have a lower threshhold, they do have a higher average production than many of their competitors.

Not every firm is going to be in the category of Goldman, nor will they be an Ameriprise.

Newb, I know for a fact that an EJ rep with more than 10 years at Jones was turned down fo LPL.  I also was told, but can't confirm, that LPL rejected Herula before he went to RJ.

So yes, LPL does have standards...they're just not all AUM and production-based.

[quote=BrokerRecruit]

Different BDs cater to different FAs who cater to different investors.  While LPL does have a lower threshhold, they do have a higher average production than many of their competitors.

[/quote]

How does their average production rank compared to RJFS?  Wachovia's FinNet or whatever it's called these days?  How about Financial Network?

I believe you'll find that not only is their standards for acceptance very so is every other way of measuring a broker dealer--except body count.  When counting noses they rank numero uno--lots and lots of teenie weenie producers.

[quote=Indyone]

So yes, LPL does have standards...they're just not all AUM and production-based.

[/quote]

That sounds like an investment banker's dream.  "We are goign to bring public a company that ranks near the bottom in average assets under managment and also near the bottom in average production per registered rep......"

How long do you think the private equity group that bought LPL is going to keep the dead wood around?

If they severed relations with every producer doing less than 500,000 would they have more than 500 left?

[quote=Indyone]

Newb, I know for a fact that an EJ rep with more than 10 years at Jones was turned down fo LPL.  I also was told, but can’t confirm, that LPL rejected Herula before he went to RJ.

So yes, LPL does have standards...they're just not all AUM and production-based.

[quote=CashMoneyBrothe]

Could somebody give me a little background information on the firm.

CMB

[/quote]

Try this link as a start;

http://www.ia-mag.com/directories/0602-BDDirectory-FORWEB.pd f

What's with NASD Newbie? New handles and the same bitterness all the time?

[quote=Seeker15]

Try this link as a start;

http://www.ia-mag.com/directories/0602-BDDirectory-FORWEB.pd f

[/quote]

As was said, LPL ranks 17th in average production per rep--their average producer would be fired at a real brokerage firm.

$168,000 is LPL's average--I'll ask again, do you suppose there more than 500 producers who do more than $500,000?

If the average is $168, what do you suppose the lowest half must actually do?  How many are doing less than $100?

It's the graveyard for mediocre wirehouse brokers--one last-gasp effort to stay in the business by working out of your home or an "Office Suite" where a girl answers the phone for a couple of dozen self employed types who share a conference room, a printer, a fax and a copier.

If it was such a good idea the wires would have no big producers.  You know it, I know it, all God's children know it.

Different strokes for different folks.  Some like the idea of being their own boss, while some like having a boss down the hall. 

Just out of curioisity Devil, why would you or anyone else care?  Is it simply out of boredom or mean-spiritedness on your part?  If someone is at an indy firm, doing what he or she likes, what difference does it make how much they earn?  If they're not making 7 figures, is that somehow less honest and honorable than posting meaningless tripe all day, earning nothing?

Every time I think that your posts couldn't possibly get any more ignorant, you manage to surprise me!  (And to think that YOU, of all people, presume to lecture these boards on the meaning of 'class'!)

[quote=BrokerRecruit]Different strokes for different folks.  Some like the idea of being their own boss, while some like having a boss down the hall.  [/quote]

I have spent my life in a wirehouse environment and I'm here to tell you that most branch managers do not consider themselves to be the boss.

Most managers will go out of their way to foster an "Open door" policy where the producers realize that he or she is there to help when they are needed and to stay out of the way when things are going fine.

Oh sure, if the producer is not hitting on all cylinders there may be some conversations about how things could be better, but the idea that your firm is your enemy is simply not true.

I have spent some time going through the LPL and RJFS websites' ability to find a rep in your area.  I have come across hundreds of names that I recognize.  Names that I know were on "cut lists" for various reasons ranging from negative attitudes to compliance issues to poor production.

I don't care if some guy is happy with income of $60,000 so he becomes an "indy" because they will facilite his sloth.  What is offensive to me is the constant suggestion that running a place called "Acme Securities and Dog Grooming" is the zenith of this industry.

As I keep asking, if it's such a big deal why do the wirehouses have any big producers?

For some, the wires are the epitome of success.  For others, it’s the indy life.  There are successful and not-so-successful brokers at both.  Again I ask, why do you care?