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Author: rafferty

Wall Street Financial Group’s Joe Richard – It’s a Flexible, Selective Recruiting Environment

00:00 01 March in In the News by rafferty

by John Sullivan and featured in AdvisorOne March, 2011: Quality over quantity is more than just cliché at this boutique broker-dealer “The difference is we’re smaller,” says Joe Richard when asked what, specifically, Wall Street Financial Group does better than anyone else. Their size, he asserts, allows for a flexibility and selectiveness that’s difficult to find at a larger firm. And of course it’s about the culture; a family atmosphere where he knows each rep and knows them well. This means they don’t look to traditional recruiting sources, and that suits them just fine. Richard, a veteran of the wholesaling side of the business, has been with the firm for nine years. He sat down with Investment Advisor for a candid chat about life at a small, successful firm. A:  If we had this conversation...

Cutting Through The Advisory Clutter

00:00 01 March in Articles Written by Jon Henschen by rafferty

by Jonathan Henschen, CFS and featured in AdvisorBiz.com March, 2011: Our recruiting firm specializes in placing advisors with independent broker/dealers. My objective with this article is to clear up some of the confusion I've been hearing from my clients about the choices being tossed at wirehouse and regional-firm advisors these days--and why those choices may or may not always live up to reality!  Primary Motivations and Practice Valuation To begin with, it's important to understand why so many financial advisors at wirehouses or regional firms are choosing independence. The top four reasons are: 1. Monetizing the value of their practices 2. Owning and controlling their destinies 3. Marketing without excessive compliance burden 4. Higher payouts and commissions A compelling case for independence also comes from this data provided by the Tiburon CEO Summit...

B of A Forces ‘Garden Leave’ on Brokers After Defection

00:00 01 February in In the News by rafferty

by Hugh Son and featured in Bloomberg February, 2011: Bank of America Corp., which lost a financial adviser with $5.9 billion in client assets to a rival in December, told some workers to sign agreements forcing them to go on reduced-pay “garden leave” if they plan to resign. Employees of the bank’s U.S. Trust unit received the notice this week ahead of 2010 bonus payments and were told their continued employment hinged on agreeing to the new policy, said a person with knowledge of the correspondence. Advisers who previously could leave after two weeks notice now must remain for 60 days and are forbidden from soliciting clients for a total of eight months, according to a copy of the document. “They’re sending the message, ‘Make no mistake, you will incur our wrath, this is...