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Which one do you believe in as a company? If you are going the employee route, why are you leaving your current firm and which one fills what was lacking at your current firm?
Forget the upfront, if you don’t solve why you are leaving your current firm now, you will be doing it again soon and that upfront money won’t matter.
I understand leaving in that situation, but how does changing firms solve that? You have that risk at any firm. If reputation of your firm means enough for you to change, there is tons of options. UBS, RBC, ML, JPM, just to name a few. All have good reputations.
Tech and back office support will be roughly the same anywhere at that level and that channel, so that shouldn’t be that big a factor.
If the check is the big issue, than shop the big check. Those two aren’t close to the best deal. Ask PRU to give you a quote, they have been digging deep to get ex wire house reps in the last few years.
Screw the upfront. Go RayJay all day long.
No comparison
I understand what you’re saying but this is no ordinary scandal that’s here today gone tomorrow. This is a steady drip of negativity that is withering away at everything in the firm. No financial firm that I can think of has been so savagely beaten up for so long with a scandal that any Tom Dick and Harry can understand. And with no end on sight! So I can’t agree that “the same thing can happen somewhere else”. Is it possible? Yes. Probable? No
So stupid question. Why does everyone love RJ? It seems pretty unanimous everywhere I look.
That’s actually a VERY good question
RJ must have Supreme confidence in their rep to offer such low up fronts compared to AMP. Perhaps it’s the “Advisors are just as much clients as the clients” mentality
AMP office also seems to skew younger with a better grasp of technology but the product mix seemed messy. RJ had more of a family feel. Both seemed to have great people. Just surprised at the big divergence in upfronts
I work for AMP and if your looking at the employee channel I would go AMP all the way. Really good technology, product selection and stable company. Stay away from the insurance broker dealers. You will get better marketing support and be able to grow your practice better at AMP then any other broker dealer today. If your thinking of going independent RJ is a better option as far as net payout goes
Payout at AMP is not 40%, it completely depends on your GDC, like most firms it’s laddered, the higher you produce the higher the payout rate is. My payout was 50% when I was an employee. There is also no requirement for insurance or financial plans, don’t know where these other advisors get their info. I have been at AMP in all capacities for 20 years
Payouts vary depending on production variables. I believe the employee route it's 50 or 55% and a5 your level you would most likely get assistant and other perks. If you put some of that comp in stock options it can become higher. In the independent side it can go to the low 90s. The strengths are brand name, products, compliance. The weakness is what amp takes on the back end. But frankly every one has good and bad. I like that our compliance protects so well. I know if I flow the rules and a regulator walks into my office I don't need to sweat.
My dad came down to the same two companies same situation with up front check. He chose RJA. No regrets and feels he absolutely made the right decision. AMP I believe is headquartered in Minneapolis were he is from and they are savagely aggressive with recruiting. Also RJ has no proprietary products. You know AMP does. They have a huge insurance division (riversource). Do you really want to real from that bank feel environment of cross selling? If it were me I would go Indy RJFS.
Owner, FA1, I'm paranoid about posting my contact info but would love to chat. Do you know how we can connect outside of this app?
What if AMP’s product platform on the advisory side? Is there the same breadth of choices compared to a RJ?
Way to many variables. Let’s try and narrow this down before it goes off the rails.
Are you going “indy”, meaning you will have your company name on your cards with “securities offered through...” on the disclosure? Or will you be working in a branch for one of them with a “group” name under their marketing.
I am considering the employee channel for both firms
With a “group” name. That is correct
Very easy to answer the question of why I am leaving current firm. Think stagecoach going off a cliff. Either form would be a massive improvement from a reputation standpoint. Having said that yes the upfront DOES matter. That and technology and back office support. The upfront with AMP is tempting but my gut tells me RJ is the better move. I need help!
What does the check look like nowadays?
Check for RJ about 70%...for amp it’s 125%