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Author: rafferty

Target Recruiting: Who Do You Want and Who Do They Want

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

by Jonathan Henschen, CFS and featured in Broker Dealer Journal November, 2007: During a recent conversation with a client of mine, a broker/dealer president, the issue of the firm’s recruiting market came up. On the one hand, the firm was frustrated by a lack of recruiting success. On the other hand, the client was generally comfortable with his firm’s recruiting market because they were top producers with little if any compliance issues. Specifically, the firm’s reps are institutional traders specializing in stock-and-bond trading for clients who are money managers, insurance companies and municipalities - a market for which there are decided pros and cons. I explained to my client that he’d been receiving so few recruiting leads from us because few reps target the “Institutional” market. As a result, I said, I could...

Find the Perfect Broker/Dealer Match

00:00 01 October in In the News by rafferty

by David Port and featured in Boomer Market Advisor October, 2007: The question greets visitors to the Henschen & Associates Web site in big, bold letters: “The grass can be greener, but over which hill?” It’s much more than a rhetorical question for advisors who are assessing the state of their broker/dealer relationships or contemplating the wisdom of seeking greener pastures with an entirely new firm. Given the transitional headaches that seem inevitably to accompany a change in broker/dealers, reps who have endured the process say the overall proposition offered by the broker/dealer to make a switch must be compelling. “It is a huge undertaking for a rep to change broker-dealers in today’s environment”,” says Cliff Oberlin, CEO of NRP Financial, an independent broker/dealer based in Bryan, Ohio. “I wouldn’t want to do this again,”...

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Aggressive Offers Help Indie B-Ds Recruit National Planning Holdings

00:00 01 October in In the News by rafferty

by Bruce Kelly and featured in Investment News October, 2007: Independent broker-dealers making lucrative and inventive offers to recruits appear to be gaining interest and attracting reps, with two firms saying they have recently found traction with advisers. In April, the four broker-dealers in Santa Monica, Calif.-based National Planning Holdings Inc.'s network began offering independent-contractor reps and advisers an astounding 42.5% of their previous 12 months' fees and commissions to join. The offer, which is in the form of a forgivable loan and transition money, ended yesterday. “It's been very popular,” said Jim Livingston, chief executive of NPH. “The pipeline is reasonably full.” Brokers needed to sign a letter of intent by Sept. 30 to qualify for the offer, although the firm expects to make transitions of advisers into December. GunnAllen Financial Inc. of Tampa, Fla.,...