As part of the changes next year, RJFS will switch to a flat $25 ticket charge on all products.
The firm will also be phasing out its Passport fee account, a rep-as-portfolio-manager program with ticket fees and a 100 percent payout. New money will go into the similar Ambassador account that has no ticket fees. Ambassador currently pays out at 85 percent to 90 percent.
Advisors will no longer be able to charge less on certain assets in fee accounts, such as bonds or a low-basis stock, according to RJFS branch managers who have seen the new plan.
While RJFS managers have been briefed on the changes, the firm has not yet made a formal announcement to all advisors.
Raymond James Financial Moving To Single Payout Grid
July 5, 2017
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I'm a very happy RJ branch manager generally and the changes look very positive from where I sit. I'm a mid-tier branch manager with a couple observations. 1) The changes have been fully communicated to all FA's in detail. 2) Each FA was provided with a side by side comparison of their payout under the current grid compared with the new grid. 3) The firm is committed to making this revenue neutral to the extent that it can be on a firm wide level. 4) My personal payout increased very slightly under the new payout. While the article leads with "payout could be reduced for some..." it could just as easily have stated, "payout could increase for number of advisors..."