Amazing that a caring culture firm
Chose to hide behind a pandemic to lay off people. These lay offs were a long time coming people - True fees were down, interest rates are low and projected to be so for some time per the fed - but these budget cuts had been talked about well into last year.
I had friends that worked in a department that had to walk across the street in the million degree heat to meet with client and recruits - (the basis for Paul’s 13 MM dollar compensation) - and the firm told them that they Could not take A BOTTLE OF WATER from the fridge as they presented for an hour about their department and the great culture of RJ. They were told to bring their own water because cost cutting. As part of the walk they had to pass PRs parking spot where you could see his rotation of cars so I mean I think they still took a dang water - but really
Things were that tight employees couldn’t grab a WATER?
I left a a few years ago when I was worried RJ was going to be the next Enron because Of what was happening internally - some shady business dealings and the overPaid middle
Management was just going along with it because they had a cush job, An office, and mostly just didn’t understand the industry at all so literally anywhere else they’d be one of the lower employees that they treated so
Poorly if they could get hired anywhere else that is (really I had nightmares about being in the firm being indicted)
Numerous bad business decisions (look up why the former president of the RIA channel
Is gone - to pursue other opportunities, ok. Right), legal woes that will continue (jay peak, passport class action) over paid middle management that have zero Impact on productivity, advisors moving in droves to less profitable divisions, recruiters glorified and over paid with no budget constraints - many recruiters lie about their expenses and steal From the company while management pretends not to notice because they are doing the same thing - one prospect who never joined Raymond James talked a recruiter into paying for him to go to Multiple national conferences (hello multiple vacations) executive management has no accountability and continues to make Terrible decisions and collect a fat paycheck (Rj is so afraid of the headline risk they will let an executive make everyone’s life hell for years and manage good people out all to allow the executive to make Enough bad decisions that they have a thick folder to fire them and even then executives are often allowed to say they are pursuing other opportunities and collect a severance for a year) terrible business model (all advisors dial into same number - so an ria that gets 100% payout could be in The queue in front of an employee advisor that gets 42% payout (and those ria calls take forever and are repeat calls because no one knows about that division), I mean the entire list of bad business (as well as sometimes illegal) just goes on and on. Employees are treated horribly, not trained, overworked, stressed - and severely underpaid but expected to
Provide service like they are
Loving their life ( underpaid = maybe 35k a year with a bonus that might be 200 Dollars While PRs bonuses have been double
Digits) those that are ambitious are mistreated the most - all of the work delegated to them By folks that make 5 times their salary .. opportunistic executives Manipulate young folks by giving them a fancy title that they would never get anywhere else because not qualified, under pay them bc of lack of experience (well
Because they shouldn’t have the job in the first place because not qualified) and tell them they are lucky to have the opportunity and work them until they have a mental breakdown, get a divorce, and eventually quit. SC regime makes you feel like you are lucky to be there and NO appreciation for any efforts. Gossip and mean girls galore (and that’s if they like You!)
Don’t be fooled folks - the grass is WAY greener on the other side. This is not 1990 when RJ was the only firm to be at. Despite what RJ makes you believe (that they are the only And best firm) there are A ton of firms locally as well as nationally that willing to Hire remotely with WAY better Culture pay and benefits - and hey they all offer training - not the two day boring classroom welcome to RJ dribble and then feed you to the wolves deal. Not every firm has the rampant nepotism and favoritism you have at RJ!
For those who still remain I hope you find your voice and realize you don’t have to work more for less pay. Middle management and up would be lost if Everyone quit. Don’t let them forget that. How many of those laid off worked later than they were supposed to, were late to pick up their kids or brought work home taking time away from Their families, took their stress from RJ our on those they love only to be let go over ZOOM? Meanwhile PR and SC and the white male
Dominated management teams continue to take international vacations? You have choices. Choose your mental health and your family over that place. I know it’s easier said than done because we all have bills but trust me - you can’t put a price on what RJ takes away from you.
For those that were let go - I’m sorry and sure it will be stressful for a bit. I am in no way trying to minimize any of the emotions you might have right now. Really c-appy of the firm. However don’t lose sight of the fact that you have been given a paid opportunity to change the trajectory of your life - you are no longer stuck at a firm That doesn’t value Or Empower you. Sure you may not have planned it this way, and you may be worried about what’s next, but don’t forget that you are free! You never have to hear PR talk about bulls*it profitability only to get a measly 200 bonus! You don’t have to work more hours for less pay! You don’t have to miss your kids grow up to help PR and SC make millions More! You never have to pretend to like that awful western art! (Sorry if you actually do like it - I was out when I saw the lion mauling the zebra piece).
You never have get food poisoning from the cafeteria! And best of all you never have to go to another freaking RJ holiday party and told You’re lucky to be there with some
Of the worst people (depending on your department). I bet At some Point (hopefully sooner rather than later) you will be forever grateful to be away from that place. I am.