Does Raymond James charge their employees fees in their brokerage accounts?
6 replies (most recent on top)
So there is no asset management fee based on a percentage of assets for employees? Just trading fees?
$25 per trade, buy or sell. $0 most other places.
$50 per year account fee. $0 most other places.
If you read between the lines when Paul is asked about this, he basically says RJ isn't interested in having accounts for traders. RJs target markets are long term investers/affluent households who are already wealthy and don't manage their own accounts....they are more in a capital preservation (than growth) mode, so things are largely on cruise control, and trades are few and far in between.
I was told they may be reviewing the cost structure for the future. It is very high compared to every other broker right now.
I was an employee until September, 2020. Things might have changed.
At that time, about the only free service was buying RJF stock through the Employee Stock Purchase Plan, four times per year, at 15% off market price. A good deal.
Selling any stock, including RJF, incurred a commission, less than a retail customer, but a sizable commission, compared to the zero commission brokerage houses.
Raymond James Financial's market niche is full service brokerage, not discount brokerage. So, they charge for what might appear to be minor services at a discount brokerage house.
Someplace on RJnet, there is a cost breakdown, I recall. I would search for "Associate Financial Services". Of the dozens of times that I called them, they were always friendly and helpful.
Most banks have a no cost employee option. What does Raymond James charge?
Well, yes.
As with anything, it is supply and demand.