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Author: rafferty

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With No Deal in Sight – AIG Advisers Ready to Jump Ship

00:00 01 November in In the News by rafferty

by Darla Mercado and featured in Investment News November, 2008: John Hancock Financial Services Inc. today will announce a dramatic overhaul of its business model in which some of its 1,800 representatives have the option of going independent. Under Hancock's new structure, as of Jan. 1, reps may elect to go independent, which would allow them to expand their menu of product offerings and give them more control over how they market their businesses. The new model also allows for groups of independent reps to band together to form a so-called producer group, providing insurance and investment services. Reps may also choose to maintain a traditional relationship with Boston-based Hancock as statutory employees, in which case they would receive a high level of support as well as a subsidized health and retirement plan from...

Making the Most of Home Office Visits

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

by Jonathan Henschen, CFS and featured in Broker/Dealer Journal October, 2008: When financial advisors consider changing broker/dealers, they’ll often visit prospective firms to see who’s the best fit and most interested in them, and which ones can be crossed off their list. That makes planning and managing Home Office visits for advisor prospects a very big deal for a firm’s recruiting effort. The same goes for advisors. Before booking flights all over the country, for instance, advisors should find out what production requirements broker/dealers require to cover the costs of these excursions, which can mount up in a hurry. Expense reimbursement requirements for airfare, ground transportation and hotels vary, but $150,000 in GDC (Gross Dealer Concessions) is a common figure industry-wide. This is not to discourage advisors to forget firms wanting more than...

Attracting High-End Advisors: Top Seven Recruiting Channels

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

by Jonathan Henschen, CFS and featured in Broker/Dealer Journal August, 2008: How firms present themselves is crucial if they want to attract higher-end reps. While a wide variety of recruiting channels are available to broker/dealers—and some firms get by with one or two while others rely on several–the recruiting results achieved by any given firm at any given time are all too often decidedly mixed. In most cases, we find what’s missing is knowing how to do the right things the right way. Top Seven Recruiting Channels Because of that, I’ve narrowed my list of top broker/dealer recruiting channels to these seven: Internal Recruiters Wholesaler Referrals Print Ads and Mailers Internet Search Leads Website Leads Advisor Referrals Third-Party Recruiters In the following, I suggest how best to use each of those top seven recruiting channels: How to avoid the common mistakes we see...