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GREENHEAD22
LSU Fan
Member since Nov 2009
14129 posts

Raymond James and FAs in general
They opened up a new office close by the house which got me curious. I know a FA salary can vary drastically but most median incomes I see online are around 90k.

Is being a successful FA about being a good salesman just as much as knowing investments?

Where does RJ rank on the list if firms?


TheWalrus
LSU Fan
Somewhere
Member since Dec 2012
25241 posts
 Online 

re: Raymond James and FAs in general
Glassdoor is usually pretty accurate and it has the average salary at 49K based on 36 entries. If anything it overestimates salaries because people usually embellish their salaries.

I’m not an expert but I it seems as if most of these types of jobs are mostly about sales.


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B2 Bomber
Duke Fan
Member since Sep 2016
163 posts

re: Raymond James and FAs in general
quote:

good salesman


98% this

quote:

knowing investments


2% this


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70
Janky
LSU Fan
Team Primo
Member since Jun 2011
32994 posts
 Online 

re: Raymond James and FAs in general
Salesmanship is part of it as is knowing investments. I will say the biggest part is service. When a client calls, answer.


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50
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kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
71228 posts
 Online 

re: Raymond James and FAs in general
I have a friend who is a FA for Raymond James. They have a huge research arm, and most of the FA knowledge about market analysis comes from their research team.

I've been happy with the results I have gotten from.


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23
AugustaTiger
LSU Fan
Augusta, Georgia
Member since Dec 2017
315 posts

re: Raymond James and FAs in general
quote:

Is being a successful FA about being a good salesman just as much as knowing investments?


Every year this statement gets further from being true. 10 years ago, absolutely. Now, rules and regulations being passed down from government are forcing the professionalization of the industry.

Necessity for CFP certifications and knowledge of planning related issues is quickly on the rise.

RJ is a good firm, and they give you flexibility to do run your practice as you want. They have a traditional wirehouse model like Merrill or Morgan and they also have an independent channel.

Everyone I’ve heard speak on RJ says the research is top notch. The research comes at the expense of a lower payout (compared to others in the independent space).

90k probably encompasses everyone- from the new FA to the 30 year veteran who has a huge office to the 15 year old guy who treats his business like a vacation to the beach.

If you are a go-getter with business, there’s no way you don’t make 100k in your second-third year.


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41
Upperdecker
LSU Fan
St. George, LA
Member since Nov 2014
22420 posts

re: Raymond James and FAs in general
Those are all about selling. They don’t know investments any more than their company tells them. The only FAs that can beat the market consistently aren’t having to sell themselves


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23
Dellort
Mississippi St. Fan
Member since Jun 2014
480 posts

re: Raymond James and FAs in general
My firm has independent portfolio managers as well as an affiliated Raymond James financial advisors.

98% sales is correct. We do have a CFP that knows their stuff. The rest just follow whatever RJ spits out.

Interns being brought up that lack investment skills are directed toward Raymond James. RJ then puts them through a training course that is virtually how to lead a sales pitch. The FAs are then advised to lean heavily on the research department. They are perfectly fine for mutual funds but the individual stock selection leaves a lot to be desired and is outsourced mostly to Credit Suisse.

Money is very good though. A lot higher than $90,000. I say the lowest paid is double that.


GREENHEAD22
LSU Fan
Member since Nov 2009
14129 posts

re: Raymond James and FAs in general
Really now? That makes up for the shitty 401k match.


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