Advisorheads Homepage
Forum Home Forum Home > Introductions > Greenhorn Introductions
  New Posts New Posts RSS Feed - Raymond james, EDJ, or Cambridge?
  FAQ FAQ  Forum Search   Events   Register Register  Login Login

Raymond james, EDJ, or Cambridge?

 Post Reply Post Reply Page  12>
Author
Message
rockandtrail View Drop Down
Rookie
Rookie


Joined: Jul/22/2019
Location: Tulsa, OK
Status: Offline
Points: 22
Post Options Post Options   Thanks (0) Thanks(0)   Quote rockandtrail Quote  Post ReplyReply Direct Link To This Post Topic: Raymond james, EDJ, or Cambridge?
    Posted: Dec/21/2021 at 10:44am
I have offers from RJ, EDJ, and a firm using Cambridge. I would like some feedback on best long term option. RJ and EDJ both have starting salaries, benefits, excellent training, etc. The group with Cambridge doesn’t have a salary but pays over 70 percent on all investment and life business, office space, mentorship, and admin help but no benefits. I have some income coming in to pay the bills, but am basically new to fee based financial services. I’ve been working part time for an insurance firm the last two years doing life with a  6/63 and some mutual funds and variable annuities. I’m ready to go full time now and want to make the best long term choice on where to land. I only want to do this one time  and I always read everyone winds up wanting to go independent at some point.  I like the people at all 3 firms, but may fit the culture at Cambridge a little better and it would be my own business. Thanks in advance. 
Back to Top
richchick View Drop Down
Senior Member
Senior Member
Avatar

Joined: Mar/11/2010
Status: Offline
Points: 1310
Post Options Post Options   Thanks (0) Thanks(0)   Quote richchick Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 11:18am
Nice to meet you? 

And … when you find out the answer please let me know. 
Back to Top
Mike Damone View Drop Down
Senior Member
Senior Member
Avatar

Joined: Mar/15/2010
Status: Offline
Points: 5659
Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike Damone Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 11:46am
There's nothing wrong with EDJ and it's a great place to start and possibly stay at depending on how you're wired.

Personally, I would explore RJ and Cambridge.  You will need to get your series 65 so you can do advisory business.
"60% of the Time, It Works Every Time"
Back to Top
helado View Drop Down
Platinum Member
Platinum Member
Avatar
The Resource

Joined: Jun/17/2013
Status: Offline
Points: 25749
Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 12:55pm
RJ and there's no question.

You need a salary to start.  Your chances of failure by commission only on day 1 rise exponentially, so Cambridge is out (otherwise a good indy firm).

EDJ is a good place to start, but you want to end up indy anyway.

RJ has all channels.  You can start there as an employee with a salary, and seemlessly go indy or RIA without ever changing firms.

RJ by a mile.
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
Back to Top
advisorman View Drop Down
Senior Member
Senior Member
Avatar

Joined: Oct/22/2011
Location: somewhere
Status: Offline
Points: 3696
Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 12:57pm
Do you have any AUM?
King of sarcasm and speling
Back to Top
knuk View Drop Down
Senior Member
Senior Member


Joined: May/20/2010
Location: Canada
Status: Offline
Points: 6214
Post Options Post Options   Thanks (0) Thanks(0)   Quote knuk Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 1:09pm
Originally posted by helado helado wrote:

RJ and there's no question.

You need a salary to start.  Your chances of failure by commission only on day 1 rise exponentially, so Cambridge is out (otherwise a good indy firm).

EDJ is a good place to start, but you want to end up indy anyway.

RJ has all channels.  You can start there as an employee with a salary, and seemlessly go indy or RIA without ever changing firms.

RJ by a mile.

Not a reason to not consider RJ if all else fits, but in Canada they are now charging a 5% "supervision fee" for 5 years to an advisor that transitions from employee to independent. Also for advisors that transfer from one independent to another independent branch. 

Fucking robbery and has stopped a number of people from starting independent offices.

 
#FreedomConvoyCanada2022
Back to Top
luvindy View Drop Down
Moderator
Moderator
Avatar

Joined: May/17/2010
Status: Offline
Points: 21860
Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 1:48pm
In the RJ employee world, the branch manager is your boss in every sense of the word, so that's the key issue. That said, of these, it's probably the option where you have most ownership.

In the Cambridge option, same thing, the branch manager is your boss, and you need an exit agreement when you go in.

Fuck Edward Jones if you have better opportunities, but if you need sales training and mustache trimming expertise, it's a good start. These other two options are better if you'll actually have the appropriate level of help you'll need.
8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
Dow 13,090 S&P 1406
5/23/13 UC:Dow 20k before 20% crrectn Dow 15,
Back to Top
rockandtrail View Drop Down
Rookie
Rookie


Joined: Jul/22/2019
Location: Tulsa, OK
Status: Offline
Points: 22
Post Options Post Options   Thanks (0) Thanks(0)   Quote rockandtrail Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 2:22pm
Very little. Have only done it on a limited basis. 
Back to Top
helado View Drop Down
Platinum Member
Platinum Member
Avatar
The Resource

Joined: Jun/17/2013
Status: Offline
Points: 25749
Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 2:26pm
Rock,

There is no decision here to be made.  RJ wins by a mile.  Commonwealth is a good firm, but starting out commission only is a bad idea.   EDJ would be a fine choice if you didn't have the RJ Employee channel as an offer.  Their investment menu leaves some to be desired (but is fine), but otherwise they pay a nice salary and have good training.  

The tie breaker is that EDJ is captive and that's your only option.  The ability to seemlessly move from one RJ channel to another is HUGE.  And all three channels are solid versus their competitors.  


My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
Back to Top
freebird View Drop Down
Senior Member
Senior Member
Avatar

Joined: Sep/17/2021
Location: deep south
Status: Offline
Points: 4638
Post Options Post Options   Thanks (0) Thanks(0)   Quote freebird Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 2:38pm
Are they offering you assets at EJ?  If so, how much?
Conrad on 5-16-22:
A woman is a person, of either sex (male or female)…who choses to live life in the gender role of woman.
Back to Top
rockandtrail View Drop Down
Rookie
Rookie


Joined: Jul/22/2019
Location: Tulsa, OK
Status: Offline
Points: 22
Post Options Post Options   Thanks (0) Thanks(0)   Quote rockandtrail Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 2:52pm
Thank you all for the excellent feedback. It’s been a difficult decision. Im pushing 50 so want to make the best one first. Im lucky to have some good options at least . I know RJs amp program is highly regarded and I want to be trained well.  My fear with Cambridge has been, would there be a structured training program vs a mentor possibly getting half my business, however Ive  thought with them I could pay the bills with life while I’m building the advisory side. 

Does RJ amp teach prospecting as well as EDJ? 
Back to Top
rockandtrail View Drop Down
Rookie
Rookie


Joined: Jul/22/2019
Location: Tulsa, OK
Status: Offline
Points: 22
Post Options Post Options   Thanks (0) Thanks(0)   Quote rockandtrail Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 2:54pm
And is brand name a help when career transitioning? iE Edward Jones being very well known. 
Back to Top
helado View Drop Down
Platinum Member
Platinum Member
Avatar
The Resource

Joined: Jun/17/2013
Status: Offline
Points: 25749
Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 2:55pm
Originally posted by rockandtrail rockandtrail wrote:

And is brand name a help when career transitioning? iE Edward Jones being very well known. 

No.  It's 0% of the equation.  The only thing the brand can do is hurt you, not help you (a la, Wells Fargo the past few years).

My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
Back to Top
rockandtrail View Drop Down
Rookie
Rookie


Joined: Jul/22/2019
Location: Tulsa, OK
Status: Offline
Points: 22
Post Options Post Options   Thanks (0) Thanks(0)   Quote rockandtrail Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 3:49pm
I’d be in a branch office with a senior advisor as mentor . No numbers in writing yet but was told at least 5 million or so. Should know exact figure soon. 
Back to Top
rockandtrail View Drop Down
Rookie
Rookie


Joined: Jul/22/2019
Location: Tulsa, OK
Status: Offline
Points: 22
Post Options Post Options   Thanks (0) Thanks(0)   Quote rockandtrail Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 3:53pm
I’ve been told at least 5 million but nothing in writing yet 
Back to Top
Iamlegend View Drop Down
Platinum Member
Platinum Member
Avatar

Joined: Mar/09/2010
Status: Offline
Points: 20377
Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 4:36pm
Originally posted by rockandtrail rockandtrail wrote:

I’ve been told at least 5 million but nothing in writing yet 

Is this referring to the EJ assets?

If so definitely RJ. Only go to Jones if they are offering you assets and an office with at least 25mm in assets in a non competitive situation. Otherwise RJ hands down as Helado said. 
Back to Top
freebird View Drop Down
Senior Member
Senior Member
Avatar

Joined: Sep/17/2021
Location: deep south
Status: Offline
Points: 4638
Post Options Post Options   Thanks (0) Thanks(0)   Quote freebird Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 4:41pm
Originally posted by Iamlegend Iamlegend wrote:

Originally posted by rockandtrail rockandtrail wrote:

I’ve been told at least 5 million but nothing in writing yet 

Is this referring to the EJ assets?

If so definitely RJ. Only go to Jones if they are offering you assets and an office with at least 25mm in assets in a non competitive situation. Otherwise RJ hands down as Helado said. 

+1.  20-25 sounds like a good cutoff and “at least 5” sounds like bullshit 
Conrad on 5-16-22:
A woman is a person, of either sex (male or female)…who choses to live life in the gender role of woman.
Back to Top
Delbs View Drop Down
Senior Member
Senior Member
Avatar

Joined: Mar/10/2012
Status: Offline
Points: 1797
Post Options Post Options   Thanks (0) Thanks(0)   Quote Delbs Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 5:08pm
Originally posted by rockandtrail rockandtrail wrote:

And is brand name a help when career transitioning? iE Edward Jones being very well known. 

Depends where you are. EJ helps in small town America and/or where it has had a significant presence for a period of time. Major city, probably no help. 
Back to Top
Delbs View Drop Down
Senior Member
Senior Member
Avatar

Joined: Mar/10/2012
Status: Offline
Points: 1797
Post Options Post Options   Thanks (0) Thanks(0)   Quote Delbs Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 5:09pm
Originally posted by rockandtrail rockandtrail wrote:

I’ve been told at least 5 million but nothing in writing yet 

That’s not much. 
Back to Top
CashFlow View Drop Down
Member
Member


Joined: May/04/2011
Status: Online
Points: 349
Post Options Post Options   Thanks (0) Thanks(0)   Quote CashFlow Quote  Post ReplyReply Direct Link To This Post Posted: Dec/21/2021 at 5:43pm
$5 million will be absolute crap accounts that you will not end up wanting. Even at $25 million I would hesitate.  It would have to be a game changing amount to even consider this option.  RJ puts in writing that you own the book and since you don’t know if you will ever change being new I think RJ without a doubt.  EJ says they have a great training program but in all reality it’s not as strong as you would think.  Yes they will teach you how to close a deal but very little about how to actually help clients.  I don’t need a big debate about EJ as you have had them all, but run across them enough (and worked there a long time ago) and they are not impressive at all.  The only way I would consider EJ is if that was your only option.  Helado says it all as they have multiple channels that you can and most likely will switch to.  

Edited by CashFlow - Dec/21/2021 at 5:52pm
Back to Top
 Post Reply Post Reply Page  12>
  Share Topic   

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.03
Copyright ©2001-2019 Web Wiz Ltd.

This page was generated in 0.062 seconds.