It was nearly impossible to place a financial advisor trainee over the past two years…so now, according to an article in the Financial Times, Bank of America/Merrill is going on a spending spree and adding 2,000 advisors, many of them young trainees instead of more experienced advisors recruited from other firms.

Hmmm. Could this actually happen?

According to the article, Bank of America was not available for comment. As industry recruiters, we see both Merrill Lynch and Morgan Stanley Smith Barney aggressively training new advisors, but we also see all four wirehouses very interested in recruiting.  Read more...

I partnered with my father as a financial advisor for nearly 9 years before he retired and I left the brokerage business to pursue a career in financial recruiting. During the time we worked together, he related many stories and antidotes about “how the business used to be,” and what changes he had seen and made over the 35 years of his practice in order to remain successful.  Read more...

High end producers have always been tops on Wall Street as far as payout goes.

But lately, we financial recruiters are seeing some regional firms creating new categories and upping their compensation for top end producers…so, you may ask, who are they and what are they offering?

During 2009, RBC Wealth Management brought in 308 advisors, and to entice the top producers they added three new brackets at the top end of their payout grid…and get ready for this, the grid goes all the way to $5 million-plus with a 50% payout - one of the highest in the industry! (Morgan Stanley Smith Barney’s new payout grid for million + producers tops out at 47%).  Read more...

Independent broker-dealers may have to reclassify independent FA’s as “employees” if the “Taxpayer Responsibility, Accountability and Consistency Act of 2009” is passed by Congress.

Not only would this affect the livelihood of over 178, 000 registered reps, but it could lead to high costs including back taxes, penalties and interest for the independent broker-dealers. For over three decades, the reps, classified as independent contractors, have been in compliance with applicable rules and have met all required regulations of the IRS.  Read more...