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Author: rafferty

Seven Recruiting Sins

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

by Jonathan Henschen, CFS and featured in Broker Dealer Journal
March, 2006:

My first year recruiting was baptism by fire. No formalized training or guidance, just get out there and figure it out. As with any learning curve, however, I quickly learned what works and what results only in futility. The purpose of the “Seven Recruiting Sins” is to share principles, practices and behaviors that broker/dealers can use to avoid mistakes and dramatically improve their recruiting results.

1) Ignoring Advisor Prospects

There was a time when I’d go along and MC home office visits by prospective advisors with an insurance-based broker/dealer. My first couple of prospects spent about 20 minutes with the B/D’s president. By the fourth visit, the president decided he was too busy to spend time with mere prospects.

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More Indie Brokers Bulk Up On Recruiters

00:00 01 February in In the News by rafferty

by Bruce Kelly and featured in Investment News
February, 2006:

New York – Inspired by the tremendous growth of Linsco/Private Ledger Corp. and its ability to recruit brokers and advisers, a number of independent-contractor broker-dealers are following the industry pacesetter’s recruiting model by building staff in order to snag brokers. Linsco’s affiliated sales force has soared, reaching 6,454 registered brokers and advisers at the end of last year, up from 4,700 in 2003 – an increase of 37%.

The San Diego and Boston based company and its top executives reaped the rewards of that growth when it was valued at $2.5 billion in a sale of 60% of the broker-dealer to two private equity firms.

Now other independent-contractor broker-dealers apparently are taking a page from Linsco’s handbook and hiring regional recruiting staffs to troll for brokers.

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Woodbury Draws Reps with ‘Human Touch’

00:00 01 January in In the News by rafferty

by Bruce Kelly and featured in Investment News
January, 2006:

New York – One growing insurance-owned broker-dealer says that it is the human touch that keeps and attracts registered representatives.

The market is such that “with meaningful reps, they want to find a home and stay there,” said Brian Murphy, chief executive of Woodbury (Minn.) Financial Services Inc.

Since its parent, The Hartford (Conn.) Financial Services Group Inc., acquired broker-dealer Fortis Investments Inc. of Boston almost five years ago, Woodbury has grown at a rate of 15% annually, he said, reaching about $175 million in gross revenue last year.

The firm has nearly 2,100 affiliated registered reps and 200 employees. The reps hail from other independent-contractor firms, with several large-producing groups scheduled to join Woodbury this month,

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