With all the “big buck” recruitment packages being offered top producers, the question crops up - why are we seeing such a fierce focus on training positions suddenly being opened up?

Merrill is looking to hire 2,000 financial advisors and is revamping their 42 month trainee program, which was practically non-existent the past two years, and Wells Fargo is looking for 1400 financial advisors with its focus on its training program.

Well, as financial industry recruiters we see a lot of the experienced advisors not ready to jump ship; competition is fierce, the deals remain large but a lot of them are locked into retention packages as a result of the mergers and acquisitions in the industry.  Read more...

In an all out attempt to win over business from breakaway brokers and financial advisors leaving the big wirehouses, TD Ameritrade announced a set of practice management initiatives at its national conference in Orlando last week.

Topping the list is “Maximize My Business” which allows advisors to choose from a set of custom resources which are designed to enhance essential business areas of a financial advisor’s practice.

The program gives advisors access to in-person consultations, Webcasts, conferences, guidebooks, and other educational forums. (Yes, it does look like they are following the recent trend by other large clearing and custody firms reaching out to capture more business from the RIA channel.)  Read more...

Are you a Financial Advisor thinking of moving?

Well, don’t think too long…Good advice in Consultant Carri Degenhardt-Burke’s feature article for December issue of QnWallStreet:

While the last couple of years have been incredibly good for advisor recruiting, the game isn’t over yet. A much needed slump over the summer has created still more opportunity for you. But don’t wait too long, as the recruiting tides will be changing again.

Once you have been coached by a knowledgeable recruiter about the parameters of a deal, be prepared to make a decision.  Read more...

Yes, you have probably guessed right. Of those advisors who did move in the past 12 months, Discovery Database reported that 40% were from wirehouses, and in spite of all the speculation about them looking to go independent, 52% of those advisors turned around and went to another wirehouse!

We recruiters are still seeing UBS advisors continuing to walk out the door, (a few of whom have gone over to Raymond James since October), but perhaps UBS’s new CEO, Robert McCann, (prior Merrill, just released from his non-compete agreement) can halt the runaways through his aggressive growth agenda, which does NOT include putting the UBS wealth management division on the block.  Read more...