Raymond James for Sale
40 RepliesJump to last post
[quote=IndyEDJ]
Knowing both parties, It would be an interesting conversation. Problem is that most EDJ brokers do not meet minimum production requirements for RayJay. ($250M Gross) I would love to see it happen. IndyEDJ [/quote]Wait, what? The minimum requirement for RJ is a T12 greater than $250k... (to be an independent contractor)
RJ is an awesome indy platform for all types of brokers, from the seasoned veterans to those who need training wheels for the conversion.
[quote=SuperRecruiter] [quote=IndyEDJ]
Knowing both parties, It would be an interesting conversation. Problem is that most EDJ brokers do not meet minimum production requirements for RayJay. ($250M Gross) I would love to see it happen. IndyEDJ [/quote]Wait, what? The minimum requirement for RJ is a T12 greater than $250k... (to be an independent contractor)
RJ is an awesome indy platform for all types of brokers, from the seasoned veterans to those who need training wheels for the conversion.
[/quote] I agree, RJ is a great platform for all types of brokers.
Uh oh, we now have a Super Recruiter and a Broker Recruiter. Wonder if they are going to throw down??
I didn't know I would get the recruiters so excited with my comments. To get your own branch you need $250K a year and 100K if you join forces with another branch. FYI. IndyEDJ 5 years at Ray JayUh oh, we now have a Super Recruiter and a Broker Recruiter. Wonder if they are going to throw down??
[quote=IndyEDJ]
I didn't know I would get the recruiters so excited with my comments. To get your own branch you need $250K a year and 100K if you join forces with another branch. FYI. IndyEDJ 5 years at Ray Jay [/quote]We're like sharks... we can smell the blood from miles away.
And yes, what he said. $100k and you can go be some other guy's gopher boy at an existing RJ branch.
[quote=SuperRecruiter]
[quote=IndyEDJ]
I didn't know I would get the recruiters so excited with my comments. To get your own branch you need $250K a year and 100K if you join forces with another branch. FYI. IndyEDJ 5 years at Ray Jay [/quote]We're like sharks... we can smell the blood from miles away.
And yes, what he said. $100k and you can go be some other guy's gopher boy at an existing RJ branch.
[/quote]
Isn't RJ the firm that cut annuity commissions to appear more ethical? What happened to the overage?
I moved from RJFS to Harbor Financial Services about a year ago but still clear through RJA. My client’s account numbers didn’t change and all my screen and research are the same…my password didn’t even change. I pay a flat fee to Harbor to be the B/D and the same ticket charges I paid at RJFS. The old VA’s are back including the L-share. There are 42 correspondent firms that clear through RJA. It’s a better program for me.
uwec, what did you lose? What is the tradeoff? I’m very happy w/ RJ, but am getting raped on the discounted advisory fees on Passport compared with the 90% the older programs pay. I take the discount, and RJ doesn’t.
Not looking to move, but if there's a better way to maximize payout, I'd be interested.[quote=Hank Moody] [quote=SuperRecruiter] [quote=IndyEDJ]
I didn't know I would get the recruiters so excited with my comments. To get your own branch you need $250K a year and 100K if you join forces with another branch. FYI. IndyEDJ 5 years at Ray Jay [/quote]We're like sharks... we can smell the blood from miles away.
And yes, what he said. $100k and you can go be some other guy's gopher boy at an existing RJ branch.
[/quote]
Isn't RJ the firm that cut annuity commissions to appear more ethical? What happened to the overage?
[/quote] They made the annuity companies reprice the products, so there was no haircut that the firm kept. They just mandated what the insurance companies could charge, and the advisor took the cut in pay. Using C shares eliminates this "haircut," and makes it more like an advisory fee anyway in my book.
The only thing you would give up is the OMAR stuff…that’s it! The old B-share annuities are back and the L-share is back. You pay a flat fee to Harbor and the break-even is about 130k assuming you only do 90% payout products…less if you sell more stocks and bonds. I’ve been there over a year and I’m very happy about the move and it was very easy on my clients because their accounts don’t change and the statements are the same (except for the logo). The clients don’t even get two 1099’s in the year you move…it’s all the same. The routing of SOME paperwork is different but for the most part you continue to call the same RJ dept. you called in the past.
I second that…
Thanks for the great info UWEC...While i'm not looking at this time it's always good to have a plan B in place.I’ll be happy to discuss the process of moving to an RJ “correspondent” firm. It’s very easy…form 1021 and a new account form for each acct. All other setting including the account numbers stay the same. RJFS does not get in the way at any point.
Did anyone else catch Danny Ludeman’s comment (during his hour long conference call on Friday) about RJ? How he is personally friends with their CEO and if they are forced to settle the auction rate securities then they are screwed?
[quote=Reggin]Did anyone else catch Danny Ludeman’s comment (during his hour long conference call on Friday) about RJ? How he is personally friends with their CEO and if they are forced to settle the auction rate securities then they are screwed?[/quote]
No idea about this, but UBS and Morgan settled for 30 billion recently, and apparently Tom James has said RJ’s liability would be about a billion, which would be trouble for RJ.
Ludeman is getting tired of losing FC’s to RJ. Ludeman has been saying since he took over AGE how the regional firms are all going to go away and can not compete. Hello Danny! WS is gone and all the regional firms he was knocking are still there. The guy is a moron.
Ludeman is getting tired of losing FC’s to RJ. Ludeman has been saying since he took over AGE how the regional firms are all going to go away and can not compete. Hello Danny! WS is gone and all the regional firms he was knocking are still there. The guy is a moron.
Maybe he is a moron, maybe not. That has no bearing on the 1BIL in liability of those auction rates if they settle.
[quote=Fortune1] Ludeman is getting tired of losing FC’s to RJ. Ludeman has been saying since he took over AGE how the regional firms are all going to go away and can not compete. Hello Danny! WS is gone and all the regional firms he was knocking are still there. The guy is a moron.[/quote]
Fat lady is still singing We will see how things shake out in the next couple of years