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Independent Broker Dealers

00:00 01 January in In the News by rafferty

by Bruce Kelly and featured in Investment News January, 2007: New York - After a banner year for recruiting advisers in 2005, many independent-contractor broker-dealers saw the growth in snagging new registered representatives stall last year. Recruiting was flat or down in 2006, compared with its momentum a year earlier, according to brokerage executives, recruiters and consultants, who nonetheless are optimistic about this year. But it may be an uphill battle. Across the brokerage industry, the movement of experienced financial advisers between firms dropped 14% to 15% last year, compared with the level in 2005, according to John G. Peluso Jr., chief executive of Wachovia Securities Financial Network LLC, which is the independent-contractor-representative business of Wachovia Securities LLC of Richmond, Va. That said, 19% of the registered reps who were recruited last year to join Wachovia...

Self-Leadership – Marketing by Example

00:00 01 January in In the News by rafferty

by John Melchinger and featured in Broker World Magazine January, 2007: As the new year dawns, I’ve been thinking about a situation that has become worse for many advisors in the past few years and, unfortunately, shows no sign of abating. Advisors are faced with so many urgent situations that the urgent messes with the important. As advisors wade through the quagmires of minutia and immediacy, more important issues are placed on the “back burner.” The logic observable in this reality is compelling. It reminds me of the observation coined when efficiency experts were running procedures and staff into death webs of efficiency ennui: “Efficiency is doing the right things the right way. Effectiveness is doing the right things the right way.” If you set clear priorities and concentrate on effectiveness, efficiency simply...

It’s not what your say, but how you say it – and how well you listen!

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

by Jonathan Henschen, CFS and featured in Broker Dealer Journal November, 2006: I’ve been in this business a long time and have had the privilege of knowing a lot of people--broker/dealers and others--involved in recruiting. I’m also routinely bombarded with feedback from Advisors about what they like and dislike in broker/dealers (some of which is very revealing about both parties!). The point is, how broker/dealers communicate with Advisors—on the phone or face-to-face--can cement these relationships for years to come—or derail them before they ever leave the station! We all have quirks and idiosyncrasies when we communicate. These may be family or regional traits, or simply poor speaking and listening habits picked up over the years. But because communicating is of such major importance in our business, its worth paying as much attention to...