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Excerpt:

One of the largest independent broker-dealers is diving into rival-infested waters to compete for breakaway advisors, armed with a new specialty suite of services.

Commonwealth Financial Network launched its Business Consulting Services unit on Jan. 20 with an eye toward attracting 15 to 20 ex-employee teams this year, says Matt Chisholm, senior vice president of RIA services and practice management.

The payout level likely falls somewhere between 60% to 75%, according to IBD recruiter Jon Henschen of Henschen & Associates. Firms usually offer breakaways transition assistance on two tiers, Henschen says, meaning an upfront bonus ahead of the move and another one six or more months afterward based on retention of clients and assets.

“The wirehouse reps, they tend to gravitate toward name branding,” he says. “It’s kind of like an exclusive country club in joining that firm. They have a pretty rigorous screening process.”.

Read the full article on FinancialPlanning.com.