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IBD Recruiters: Advisors Demanding More Than Ever, Especially Money

21:27 04 February in In the News by rafferty

January 29, 2012 by Diana Britton, Wealth Management.com Industry recruiters said advisors at independent broker/dealers are expecting more from their firms than they ever have before, especially when it comes to up-front money. “Financial advisors are more greedy than ever,” said Jodie Papike, executive vice president of recruiting firm Cross-Search in Jamul, Calif. During a session at the FSI OneVoice 2013 in San Diego, Calif., Papike said she recently spoke with a $100,000 producer, and the first thing he asked was how much up-front money he could get for moving. “That’s the reality.” Ryan Shanks, CEO and founder of Finetooth Consulting, said there are reps that are less greedy, but their main concern is being at a firm that’s stable. In addition to up-front money, reps also now expect higher payout and better services from their b/d, Papike...

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That Which Seems Intuitive Is Often Wrong

17:02 25 January in Articles Written by Jon Henschen by rafferty

February 2013 by Jonathan Henschen and featured in Investment Advisor Experience shows that reality is often less obvious than your intuition would lead you to believe One of my summertime readings was John Stossel’s book, “No They Can’t: Why Government Fails—But Individuals Succeed.” Stossel, a journalist, Fox cable network host and avid libertarian, delves into a multitude of examples of how we intuitively run to government to solve problems. In Stossel’s book, he argues that we should abandon our beliefs that a government can cure all national ills and instead “retrain our brains to look at only the facts, to rethink our lives as independent individuals—and fast.” As I read through Stossel’s take on some of our social issues and why our intuitions about them are wrong, it was apparent to me that there are many similarities...

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A tough recruiting environment

20:55 23 January in In the News by rafferty

January 20, 2013 Andrew Osterland, Investment News Advisers are staying put, so attracting new ones is proving to be a challenge Buoyant capital markets and improving conditions in the brokerage industry have created a tough recruiting environment for independent broker-dealers. And given the generally positive outlook for the industry in 2013, it could remain difficult for firms hoping to grow by attracting new advisers. According to Larry Papike, president of recruiting firm Cross-Search, more-stable brokerage firms and more-comfortable financial advisers are translating into less movement in the industry. “Financial advisers are happier with their broker-dealers,” said Mr. Papike, who helps 75 different independent broker-dealers find new advisers. “We're not seeing the willy-nilly movement we did in the past because advisers are a happier bunch right now.” The lack of any large broker blowups recently also has...

FINRA to Mull Broker Compensation Disclosure Rule

16:43 30 November in In the News by rafferty

November 29, 2012, by Melanie Waddell, AdvisorOne Board will consider a number of potential rules and amendments at December meeting The Financial Industry Regulatory Authority plans to consider at its Dec. 6 Board meeting several rule proposals and amendments, chief among them a proposal that would require broker-dealers to disclose to customers brokers’ compensation packages. Securities lawyer Patrick Burns spoke out publicly in an October interview with AdvisorOne saying that he wants to change the status quo in broker compensation. “Our clients who are investment advisors would like to see the playing field leveled in terms of disclosures,” Burns told AdvisorOne at the time. Burns, based in Beverly Hills, Calif., told AdvisorOne in that interview that unlike brokers, his RIA clients must disclose all forms of direct and indirect compensation and conflicts of interest, including soft dollars and any...