Smaller branches could see a pay cut from the changes, said recruiter Jon Henschen, but “for the real big producer, this is not such a big deal.”
Nevertheless, it’s rare for independent firms to make such a “radical” change in their pay grids, he added.
A Raymond James spokesman declined to comment on the pay changes.
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..."