recruiting Tag

Will the Lull in Advisor Recruiting Last?

17:40 31 December in In the News by rafferty

December 26, 2019 By Janet Levaux, ThinkAdvisor The recruiting season in 2019 did not go out with a bang. It did, though, see some movement tied to the big news of late October, that Advisor Group is scooping up Ladenburg Thalmann. What’s ahead for 2020? Industry recruiters offer mixed views. Other Trends  But recruiter Mark Elzweig doesn’t see storm clouds ahead. “I believe 2020 will be a strong year for advisor recruiting — no matter what happens in the markets,” he said. According to Elzweig, there are plenty of advisors who realize “that good markets don’t last forever and that it’s advantageous to move with big trailing 12 [revenue or production] numbers and happy clients.” The post-crash advisor recruiting deals of a decade ago have now expired, he points out, which makes these advisors free agents. “Payout reductions and...

Why Fewer But Bigger Advisors Are Switching Firms This Year

16:08 14 August in In the News by rafferty

August 14, 2019 By Mrinalini Krishna, Financial Advisor IQ Big teams with long tenures are leaving big-name shops, according to experts who say wirehouses continued to lose advisors in the second quarter of 2019. Recruiters and other industry watchers say that for the first half of the year, recruitment activity slowed for the wealth management industry but attrition of larger teams from wirehouses was evident. For the three months ending in June, Morgan Stanley, Merrill Lynch, UBS and Wells Fargo all saw their advisor ranks shrink. Larger broker-dealers, on the other hand, had a mixed bag for the quarter, though recruitment numbers for the first six months of the year look to be up for those firms. “There’s been some of the largest-ever transitions away from wirehouses this year. What’s notable is most of those groups...

Broker-Dealers Go Courting

22:20 06 August in In the News by rafferty

August 1, 2019 By Eric Rasmussen, Financial Advisor Magazine The war for talent in the independent broker-dealer industry is real, say recruiters. Whether it’s giant firms like LPL cutting admin fees or midsize companies offering niche services like impact investing, the companies in this space are having to step up to offer better technology for their advisors, offer better back office help and better transition help. … And a nice payout isn’t bad either. “We’re about to see recruiting wars in the independent space like we’ve never seen before,” says consultant Jeff Nash, CEO of BridgeMark Strategies. “We absolutely are seeing new dollars. … Looking at all the institutional money coming into the space, it had to then kick off a whole new wave of recruiting dollars. And it has.” IBDs have been able...