Author: rafferty

Steering Hooks

by Jonathan Henschen, CFS and featured in Broker Dealer Journal
November, 2007:

Over the years I’ve had the privilege of being the “fly on the wall,” hearing both the perspective of broker/dealers seeking qualified professionals and Advisors shopping for a suitable new firm. Not only do I deal with over 70 independent broker/dealers and their recruiters and management, I get to hear prospective Advisors’ uninhibited feedback on why they choose one broker/dealer over another.

As a result, I’ve been able to put together this sampling of some of the many so-called “steering hooks” recruiters and management use to win over Advisors who’ve come knocking on their doors.

Herd Dynamics. Broker/Dealer to Advisor Prospect: “We’ve brought over many Advisors from your current firm and they’ve worked out well,

Target Recruiting: Who Do You Want and Who Do They Want

by Jonathan Henschen, CFS and featured in Broker Dealer Journal
November, 2007:

During a recent conversation with a client of mine, a broker/dealer president, the issue of the firm’s recruiting market came up. On the one hand, the firm was frustrated by a lack of recruiting success. On the other hand, the client was generally comfortable with his firm’s recruiting market because they were top producers with little if any compliance issues. Specifically, the firm’s reps are institutional traders specializing in stock-and-bond trading for clients who are money managers, insurance companies and municipalities – a market for which there are decided pros and cons.

I explained to my client that he’d been receiving so few recruiting leads from us because few reps target the “Institutional” market.