3-star brokerage rating

Review Of Raymond James Wealth Management Account Fees


Raymond James review of wealth management account 2019: full service brokerage firm rating, investing portfolio fees, managed account minimum, online trading costs, and IRA fees.



Raymond James Review


Raymond James is a full service brokerage firm registered with FINRA and protected by SIPC insurance. Customers can receive more than just the standard brokerage service of buying and selling stocks here. The company also offers investment advice, a detailed financial plan, insurance coverage, and estate planning. Let's check out the company and see how it compares to some of its competitors.


Raymond James Asset Management Services


Raymond James caters to investors who need a lot of hand holding. As such, investors have the ability here to hand over their assets and let the firm trade, manage, and oversee the account. Raymond James acts as both investment advisor and custodian for its accounts, a situation that is not ideal. As compensation for its full-service account management, Raymond James annual fee schedule is very steep:


Account BalanceRaymond James Annual Fee
First $500,0002.25%
Next half million1.75%
Next $4,000,0001.25%
Balances over $5,000,0001.00%


The Raymond James annual fee is billed in fourths every quarter.


Raymond James Fees and Commissions


In addition to the percentage that the broker deducts, there are also commissions for trades (Raymond James calls them "processing fees", although they are commissions). Stocks, ETF's, REIT's, and UIT's are $9.95 on both the buy and sell sides. This charge is also applied to OTC and preferred stocks. Bonds, certificates of deposit, option contracts, and mutual funds cost $30 per transaction. Foreign securities and no-load mutual funds are also available with the broker.

The firm also provides financial planning and hourly consulting services. The cost is negotiable between Raymond James and the client. The price typically varies depending on how complex the customer's financial situation is and how much time the broker expects to spend on the project.


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Raymond James Trading Account


Investors who open a trading account with the broker receive Raymond James investment research and commentary at no charge. The broker covers more than 1,300 stocks across 9 economic sectors. The company also publishes bond commentary and mutual fund analysis.

Several different account types are available with the firm. Besides regular brokerage accounts, Raymond James also offers Traditional, Roth, SIMPLE and SEP IRA's. Investors saving for education can also open a 529 plan.


Raymond James Review


Cash Management Features


Raymond James operates its own FDIC-insured bank, and several cash management options are available with a Raymond James brokerage account. Uninvested dollars in a securities account can be swept into FDIC-insured banks, which provide insurance coverage up to $2.5 million. This is ten times the normal amount.

The broker offers the Capital Access account, which links to a trading account. This cash management account comes with unlimited check writing and a Visa platinum debit card. The account also has bill pay and 24/7 customer service. Capital Access does carry a very steep $150 fee for clients who have assets under $500,000. An account with a balance of at least $250,000 will be charged only $50 if it has a direct deposit of at least $500 per month. ATM fees are reimbursed by Raymond James for clients holding at least $250,000 in assets, up to a maximum of $100 per year. Accounts above $500,000 receive $200 in rebates.


Raymond James Wealth Management Review


Raymond James Costs


In addition to the annual asset-based percentage fee listed above, Raymond James brokerage accounts also come with a $50 annual fee. This charge is waived for accounts above $100,000. Closing an IRA at Raymond James costs $100.


Raymond James Fees


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Customer Service


Customer service representatives are available for brokerage customers Monday through Friday from 8 am to 6:30 pm, EST. Account holders can login to the Raymond James website and access a variety of important information, including statements, bill pay, and funds transfer. A mobile app is also available for Apple, Windows, and Android devices.


Raymond James Investments Review


Comparison


Raymond James' advisory fee schedule is more expensive than several other alternatives. E*Trade clients, for example, are charged on a regressive schedule between 0.90% and 0.65%, depending on total assets with the advisor. However, on this schedule, E*Trade only offers mutual funds and ETF's. Adding stocks to the portfolio raises the schedule to 1.25% to 0.95%.

Ally Invest's management fee is 0.0% per annum, very low by industry standards. Ally Invest does not offer financial planning services and only buys and sells ETF's in managed accounts.

While Raymond James uses human advisors, while M1 Finance is a robo-advisor and self-directed broker at the same time. This company uses computerized systems to trade customer accounts and allows clients to invest on their own. M1 Finance is absolutely FREE.

Raymond James has countless offices in various bank branches across Canada and the United States. The broker would be ideal for investors who live in small towns who want personal service but can't get to an urban branch location of a larger broker.


Raymond James Review Summary


Raymond James is rather pricey. Nevertheless, it is a good option for financially illiterate investors who don't have the time to manage their own money and would rather leave it to the pros.



Raymond James reviewed by Brokerage-Review.com. Rating: 3