Broker/Dealer Frequently Asked Questions
Being the pragmatists we are, we take the age-old expression “Look before you leap” quite seriously. That’s why we understand that making the decision to change brokerage firms is one of the most important things you’ll ever do. Your actions will have a very real impact on you, your family and the future of your practice. There’s a lot riding on this decision, so investigation and research become an indispensable part of the process for financial professionals who want to make the right move.
As you conduct the research necessary to the selection of a new broker/dealer, we’d like to help by providing you with answers to some of the most common questions we hear. We also invite you to download these questions and collect responses from other broker/dealers you’re considering as a means of comparison. If you happen to find we haven’t answered a specific question of yours, please feel free to contact us.
Compensation
- Are my clients mine or the firm’s? What happens to my book of business if I decided to leave?
- Will I be pressed to sell proprietary products through quotas or incentives?
- How will the firm help me develop a succession plan or acquisition strategy?
Challenges
- How many advisors are affiliated with the firm? What about support personnel? What is the ratio of support personnel to advisors?
- How will the firm support my transition? How long does it usually take?
- Will I have access to the same services and products as at my previous firm?
- Technology is crucial to my ability to serve my clients efficiently. How important is it to the firm?
Control
- How many business models does the firm offer to advisors? Will I be able to transition my practice from one model to another as my goals change?
- How will the firm support my efforts to brand myself and market my practice independently? How will the firm help me grow my practice?
Culture
- How did the firm get started?
- How does the firm measure advisor satisfaction? What about client satisfaction?
- How recognizable is the firm? How does the firm promote itself to investors?
Compensation
- Are my clients mine or the firm’s? What happens to my book of business if I decided to leave?
- There’s no need to fight your firm for your book of business. At Raymond James, your book of business is just that – yours. We doubt you’ll want to leave, but if you do or if it’s time to retire, you can take your book of business with you or sell it.* Back to top.
*Certain criteria apply
- There’s no need to fight your firm for your book of business. At Raymond James, your book of business is just that – yours. We doubt you’ll want to leave, but if you do or if it’s time to retire, you can take your book of business with you or sell it.* Back to top.
- Will I be pressed to sell proprietary products through quotas or incentives?
- That’s just not the Raymond James way. We attract advisors whose way of doing business aligns with our client-first philosophy. You will never be influenced to do anything that’s not in your clients’ best interests. In short, there are no sales quotas, account size restrictions, product pushes or ticket charges designed to influence your decisions. Here, you can offer the products that you believe are best for each client; the decision is yours. And remember, we won’t take your high-net-worth clients away – on the contrary, our service model helps you attract and support a more affluent clientele.
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- That’s just not the Raymond James way. We attract advisors whose way of doing business aligns with our client-first philosophy. You will never be influenced to do anything that’s not in your clients’ best interests. In short, there are no sales quotas, account size restrictions, product pushes or ticket charges designed to influence your decisions. Here, you can offer the products that you believe are best for each client; the decision is yours. And remember, we won’t take your high-net-worth clients away – on the contrary, our service model helps you attract and support a more affluent clientele.
- How will the firm help me develop a succession plan or acquisition strategy?
- Not only will Raymond James recognize your ownership of your book, but we’ll help you sell it when you retire. We offer a proprietary program that walks you through the steps of establishing a formal business succession plan. For advisors who want to expand through acquisition, our practice planning team offers solid support, identifying businesses that are for sale. And, later, when it comes time to sell, we’ll provide access to a network of potential buyers and even help with the sale itself. We know your book is your future and you’ll need to know its true worth when it comes time to sell. Our business valuation program can help you figure it all out. Back to top.
Challenges
- How many advisors are affiliated with the firm? What about support personnel? What is the ratio of support personnel to advisors?
- Raymond James has more than 5,000 advisors, supported by more than 4,000 support professionals in our corporate locations. So, there is one knowledgeable – and accessible – support associate for every 1.3 advisors. We built the firm to strengthen your ability to meet investors’ ever-evolving needs, and these associates work hard, every day, to ensure you have the resources you need at your fingertips. Back to top.
- How will the firm support my transition? How long does it usually take?
- At Raymond James, we take a very personalized approach to transition management. And we know a smooth, successful transition begins with support, which is why we assign a dedicated transition consultant and a technology consultant who personally devote their attention and expertise to each step of your transition process, from technical support to marketing and all areas in between. Our goal is to get you back to doing what you do best – serving clients – as quickly as possible, often in just a few weeks. Back to top.
- Will I have access to the same services and products as at my previous firm?
- Whatever you need, chances are Raymond James offers it. We want you to have the best possible tools and resources to serve your clients, and your business, well. We offer a complete array of high-quality investment and financial planning products, as well as full clearing and custodial services, a variety of client account options, a complete range of banking and trust services, and direct access to more than 4,000 on-call professionals, including our award-winning research team and 700+ IT support staff. But it doesn’t stop there. You can also look to us for alternative investments, wealth solutions, financial planning, investment banking, fee-based programs, mutual funds, insurance and annuities, fixed income, research, banking and trust services, cash management services, financial and retirement planning, marketing support and professional development, as well as an industry-leading network for women advisors. Back to top.
- Technology is crucial to my ability to serve my clients efficiently. How important is it to the firm?
- We know investing in technology means investing in solutions to help our advisors streamline their processes and empower them to better serve clients. That’s why we invest more than $100 million a year developing technology solutions specifically for financial advisors, all in an effort to give you more time to focus on what’s important – your clients. And we have more than 700 information technology associates committed to supporting those solutions. There’s no need to settle for anything less. At Raymond James, you’ll have access to a powerful financial planning suite, online investor access, a superior advisor resource console, document management systems and customer relationship management that takes your practice to the next level. Back to top.
Control
- How many business models does the firm offer to advisors? Will I be able to transition my practice from one model to another as my goals change?
- With a complete range of affiliation and payout options, AdvisorChoiceSM from Raymond James gives you what you want: the flexibility to build your practice your way. You’ll have the full freedom to operate your business as a traditional employee, an independent employee, an independent contractor or an independent RIA. And, you’ll have the freedom to change platforms as your practice changes. Back to top.
- How will the firm support my efforts to brand myself and market my practice independently? How will the firm help me grow my practice?
- Advisors here truly have freedom – it’s a key part of our advisor-oriented culture – even when it comes to marketing. You are in control, and we’ll support you every step of the way with an award-winning, in-house advertising agency that can set your business apart in a crowded marketplace. Gain time and confidence with a compliance team that’s dedicated to marketing initiatives. Brand your practice and watch revenues grow. Get the best value on websites, newsletters, print ads and more, all designed to make your practice stand out. We’ll even customize materials to fit your unique needs in your unique market. Back to top.
Culture
- How did the firm get started?
- Raymond James was founded by Robert James in 1962 as a different kind of financial services firm. While other organizations were simply selling stocks or mutual funds, Raymond James focused on holistic financial planning for the individual. Back to top.
- How does the firm measure advisor satisfaction? What about client satisfaction?
- When a firm cares about advisor and client satisfaction, it shows. Raymond James uses a number of third-party resources to test advisor and client satisfaction – and we consistently score well. In fact, we have one of the highest advisor-retention rates in the industry. Businessweek magazine ranked Raymond James among the nation’s top 20 companies for customer service in 2006, in part because of our success in helping advisors maintain a successful relationship with clients. We even help you conduct your own client-satisfaction surveys – it’s a great way to improve your relationship with your clients and serves as a springboard for referrals. Back to top.
- How recognizable is the firm? How does the firm promote itself to investors?
- As one of the largest full-service financial services firms in the United States, Raymond James has 2,400 locations worldwide with offices in all 50 states, Canada and overseas. Our national advertising campaigns appear on major television and print media outlets, and the firm has a long-standing presence on National Public Radio. Investors also recognize Raymond James Stadium (home of the Tampa Bay Buccaneers football team) and the firm’s sponsorship of the French Open tennis tournament. Raymond James has long supported advisors within their communities, too, strengthening consumer awareness through community involvement and sponsorships. Back to top.