Author: rafferty

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

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,

The Pros and Cons of Independent B/D Styles

by Jonathan Henschen, CFS and featured in ProducersWeb
November, 2006:

It would be delusional to think a single broker/dealer can meet the needs of all advisors. Because we see such vastly differing needs among advisors, it’s fortunate there is such a wide variety…Following is a list of nine different styles of independent broker/dealers — along with the upsides and downsides of their business models.

• Small B/Ds — Fewer than 200 advisors
• Medium B/Ds — 200 to 800 advisors
• Large B/Ds — 800+ advisors
• Insurance/Bank BDs
• Stock, bond and institutional BDs
• Advisory focus B/Ds
• Alternative investment focus B/Ds
• Equity participation focus B/Ds
• Marketing and practice management B/Ds
• Small B/Ds — Fewer than 200 advisors

By far the most appealing qualities of small firms are flexibility and personal attention.

Broker/Dealer Options with EIAs

by Jonathan Henschen, CFS and featured in ProducersWeb
October, 2006:

Since January, 2006, I’ve been caught in a whirlwind of activity centered on Equity-Indexed Annuities (EIAs). Advisor after advisor have contacted me looking for a broker/dealer that takes a friendlier approach to this area of their business that at one time, was not of any concern to broker/dealers.

The debate swirling around EIAs is confusing and comes with widely varying opinions. One day I’ll be speaking with a broker/dealer who assures me EIA’s are going to be declared securities; the next day another broker/dealer will be just as confident that will never happen. From the broker/dealers’ perspective, I would think the reality of EIA’s becoming securities would make them cringe. If they were declared securities,