‘Upfront Money Should Be a Spice, Not a Main Course’: Recruiter Jon Henschen
December 30, 2021, By Jane Wollman Rusoff ThinkAdvisor To a large extent, [broker-dealers] are just forgivable note peddlers. That’s their primary sales pitch when they talk to advisors — what we’ll give you if you move,” argues recruiter Jon Henschen, in an interview with ThinkAdvisor. “Upfront money should be a spice, not a main course,” says the founder of Henschen & Associates. “That should not be a primary motive for moving, by any means.” Henschen also has a strong view about BDs who mark up outside money managers’ fees, which are paid by the client. The advisors typically aren’t aware of “the manipulation,” he says. “Some of the firms are getting downright abusive in their markups. The broker-dealers certainly make things opaque and hidden,” he notes. Henschen opened his firm in 2001 and is nowadays...