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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.,...

The Route is Rocky, but the Rewards Are Rich

00:00 01 October in In the News by rafferty

by Julie Bennets and featured in The Wall Street Journal Financial & Financial Advisor Careers Section October, 2007: Marlene Mazur, of Colts neck, N.J., started her financial career 30 years ago, right after she graduated from high school. She passed the Series 6 and Series 22 exams required by the national Association of Securities Dealers to sell financial products and started selling mutual funds to her friends’ parents. Today, Ms. Mazur is a broker/dealer representative, affiliated with WRP Investments in Youngstown, OH, doing financial and retirement planning and tax work for a long list of clients.  She won’t reveal how well she’s doing, but says that she and her husband own a 15-acre horse farm and an office building in Colts Neck. In a few years, their son Ken, 22, will take over her business,...

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Midsize Brokers Take On Big Guns With New – Creative Pay Packages

00:00 01 August in In the News by rafferty

by Bruce Kelly and featured in Investment News August, 2007: New York - In order to take on the big boys of the independent broker-dealer market, some growing middle-tier firms are offering souped-up compensation packages in place of or along with big upfront checks. The intriguing and aggressive aspect of the new compensation packages is that they are not simply upfront bonuses in the form of forgivable loans to reps and advisers, industry observers said. Instead, the packages stress reps’ ability to increase and maintain their books of business once they join a new firm. Firms with the new pay packages include First Allied Securities Inc. of San Diego, GunnAllen Financial Inc. of Tampa, Fla., and QA3 Financial Corp. of Omaha, Neb. Last year, First Allied reported $137.5 million in gross revenue, while GunnAllen...

Relationship Building For Broker Dealer Recruiting

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

by Jonathan Henschen, CFS and featured in Broker/Dealer Journal August, 2007: In 1989, one of those “penny” stocks so common at the time sponsored my Series 7 license.  After passing the exam, I spent three days listening in as experienced brokers made cold prospecting calls.  At each advisor’s side was a copy of Jim Pickens’ and Ben Gay III’s, The Closer, now in its fifth edition (LJR Group/Hampton Books, 1980). For those unfamiliar with The Closer, it’s the classic, how-to sales text that promotes the same techniques demonstrated in “Boiler Room,” an intense film released in 2000 starring Giovanni Ribisi, Vin Diesel and Nia Long. “Boiler Room” is well-named, pulsing with the vigor of rich young people wreaking the deliberate mayhem that comes from greed run amok. Boiler Room’s testosterone-junkie brokers at the...