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Raymond James Financial, Inc. Message Board

  • flakjacket999 flakjacket999 Apr 17, 2003 11:03 AM Flag

    You First, Brokers Last!

    RJ Management at some point will come head to head with brokers fed up with the arrogance and disdain with which they are treated. The good news is that the RJ brokers will be collectively seeking a seat on the board and the prima donnas in H.O. will realize that biting the hand that feeds you is a big mistake. Enough of these pompous blowhards!

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    • Loosen up those wingtips and have a great
      weekend!

    • Great catch. Heart and Soul is what I meant!

    • Your reply was both thoughtful and appreciated.
      The RJ platform is the best I have seen and the technology is stupendous. I would rather fight than switch; but it would be a friendly fight. Rank and file representation would be supported by stock ownership. My comments should be taken at least as a heads up. When I hear "we will never turn our back on an FA," and then have middle and senior managers treat FA's like the enemy, something does not compute. We know RJ must be run like a business and helping brokers rather than obstructing them does not cost a dime and inspires loyalty. I am currently working on a problem which has been kicking around for over a week without either reply or resolution. This is problem #4 and if I kept my mouth shut on earlier ones, I would be out $10k in total.
      Imagine forfitting a commission for some technical interpretation. Enough for now, I have to make some trades. I trust "heart and sole" was not a Freudian slip. Good Luck to you!

    • I have no intention of getting into a personal battle with you Flak so I will simply tell you where I agree and disagree. First off, I am no longer with RJ but I have had enough insight to know that the culture of the firm has always been to put advisors first. Yes, I was in management. As a former manager, I know that the FA is the heart and sole of this firm. The other main lines of business are marginal at best. I also know that as any company grows larger, it becomes increasingly more difficult to address the needs of any one individual.

      In terms of raising fees and hurdles, my guess is that an attempt by the firm to focus on its most profitable customers (by customers, I mean FAs). Its also an attempt to raise the overall quality of FAs within the firm. In my opinion, minimums are much more of an issue within the employee broker-dealer (RJA) than in the independent contracter B-D. Raising fees, I do not defend but my guess is that it is an attempt by the firm to remain profitable during a bear market. Effectively, RJ has a big fixed nut that is easily covered by variable revenue streams in a normal market. During a bear market, it is much more difficult to cover these costs. As an aside, I would add that the technology spending at the firm is out of control. There is limited accountability for any of the tech initiatives and as a result they seem to through people at problems that are not real priorities. Technology spending should be focused on increasing productivity and lowering the overall cost of doing business over time. In my view, at RJF it is more a means of guaranting jobs and therefore a big problem. I would tell you that some in senior management either don't get or don't agree with the concept of economies of scale.

      "Unanswered e-mails, bad decisions coupled with arrogance, and general doubletalk" in my opinion is/are unexcusable. Well bad decisions happen. We don't like to see it but they are a reality of life. No one is correct 100% of the time. That being said, with 5200 FAs it must be difficult to respond to everyone. I would suggest that at times some managers opt for ignoring redundant communications from individual FAs. In other words if an FA complains about the same or similar issue 5 or 6 times, senior management might only respond to the first call or email (not that this is right).

      My point about leaving was not that you should attempt to solve RJs problems. It was that you owe it to yourself and your clients to find the best platform in which to serve them. However, if enough FAs departed, yes RJ would address their policies. The reality is that even with its warts, the firm has one of the best platforms out there.

      Regarding your comment about the free market allowing for representation by the rank and file, I vehemently disagree (if I am reading it correctly). The free market allows for representation of owners, that is shareholders. Any for profit company's primary purpose must be to maximize return over the long term to its share holders. RJFs strategy for doing that has been by providing a great platform for FAs to do business on. If you want to change board representation, I suggest you put together a consortium and buy a sufficient number of shares to vote for a director of choice.

      BTW, your terrorist comment was a nice touch but a little over the top.

    • Probably so. You will note the response went quickly towards treating a broker like the enemy, and suggesting he leave. In recent conferences I have met many brokers who are hurting and 1/3 to 1/2 are being affected by new fees and hurdles. I have seen first hand where policy manuals are interpreted to the detriment of the broker and it takes a fight to overturn what should be obvious. The breast beaters may have suffered smaller bonuses, but I'll bet the base salaries are intact unlike broker nets. I really like the idea of rank and file representation on the board to fullfill all the promise RJ has. I personally would rather fight than switch and not in a management controlled spin machine. There are too many good people here who deserve better.

    • That does not sound like it came from a top producer.

    • Let me guess, either you are a top producer or a member of management. Several strolls through regional and national meetings allowed me to discuss H.O. arrogance with the rank and file. After working for several firms previously I like the RJ setup best; but management largely (Putnam excluded) has a real attitude problem and you have demonstrated that as well with your close. Raising hurdles and fees during the worst bear market in history is a statement at odds with the usual conference claptrap. Do not shoot the messenger sir! The brokers are not adversaries and representation by those other than who "run companies," would be refreshing.
      Unanswered e-mails, bad decisions coupled with arrogance, and general doubletalk will not be solved by my leaving. Surely you are not in favor of these things. It's simple, the free market also allows representation by the rank and file by stock purchase and representation.
      My thoughts represent the ideals of RJ. Either you are with us or with the terrorists.
      Stay tuned!

    • What I have heard is that Raymond James has relocated Steve Putnam who had been running one of there security divisions and has made him head of special projects. I really do not know what to make of that but it could be your on to something.

      • 3 Replies to frabis1234
      • Kenneth sheild, certified number 70993400 00040127 1979, you signed for a certifed letter of cutomer complaints and have not replied since 4 20 02. Now you received my complaints and now i guess it is nasd to have them check why you did not reply. also is jennifer shield, also i will post the certified number later so that the nasd and nyse might check out if thier is a connection between kenneth and jennifer both not repying to my customer complaints

      • John stephen putnam, was sent a certified letter that he on apr 9 2002, of events that took place with a raymond james associates, also branch manager and the broker, the reply wa s never made and he was given a raise anda better title. can there be a special board meeting of us shareholders to remove him and check helck, john stephen putnam, dennis w zank, , thomas franke, paul l mateck i, is barry s augnebraunm, sorry the certified letter he received on 4 8 02 was number 7001 0360 0001 4079 4477. Barry check your receipts and you signed for this certified letter of cusomer complaints. are you the one in the cat birds seat. got to go and advise allother borkerage firms, also you and theresa j schefstad might want to call me from 727 567 4198, the bank and raymond james associates office

      • Steve Putnam's replacement has already been named. His name is Dave Patchen. He had been assisting Steve the last few months and was previously a recruiter for RJFS.

 
RJF
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