The Financial Industry Regulatory Authority has launched a free searchable database of disciplinary actions against brokers.

According to Financial Advisor online magazine, users can search for actions by case number, document text and action date, individual name and CRD number or CRD number and firm name. Documents can be viewed online, printed or downloaded as test-searchable PDF files.

BrokerCheck reports, which provide disciplinary records on FINRA-registered brokers and broker-dealers will now link to disciplinary actions housed in the new system.

Beginning June 15, Finra Monthly Disciplinary Actions will also link each write-up to its corresponding action in the database. The database can be reached by visiting FINRA’s Web site.

Previously, the public had to contact FINRA to obtain copies of di sciplinary actions.

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Many average sized clients are still struggling with their finances and trying to deal with a smaller paycheck or temporary loss of income. Financial advisors are trying to help their clients by liquidating some investments to make it through to the New Year. Clients are thinking less and less about how much they need to save for retirement and more about how to survive the present.

Advisors have also been helping some clients borrow from their investments to free up some cash. This is not recommended for most because it will only cause a vicious cycle that could cost them their entire investment portfolio.

When looking at what to liquidate in client portfolios, you must consider where the most gains and losses are and whether or not to rebalance the portfolio. You always must consider the capital gains taxes they will incur as well. It won’t help your client if they have to pay these taxes in April.

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Check out the March Issue of OnWallStreet to see what firms are offering as basic pay based on production of $200,000, $400,000, $600,000 and $1000,000.

The editorial staff has published some rather revealing comparative charts to show advisors where they can make the most money based on their production.

Oh, and don’t neglect to read the “assumptions” part of the article…

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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%).

Granted, not a large number of these top producers have gone to the regionals, but those that have found that these firms had similar services to wirehouses with large branch offices, investment banking services and fee based platforms.

The regionals who typically are recruiting the mid-range producers are also banking that these advisors will grow their production as market conditions improve…rather smart planning considering they pay less for these advisors now, but benefit when they grow.

So, why not set higher grids in place as incentives and for purposes of retention? Definitely some advantages here for advisors contemplating a move.

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We all recognize and understand that feeling of the “pit in your stomach” that most financial advisors have experienced in the past months, but what about those branch managers out there?

With all the merges, branches have been consolidated and closed and that puts branch managers out of work, not to mention some of the regional directors.

Not only is the competition keen, but the job is tougher and more insecure than ever. More regulation? You bet, and not only are expenditures scrutinized, but the responsibility to oversee every financial advisor in the branch and control what comes out of his mouth, is a bit absurd.

So how do they survive? They “recruit or risk being replaced.” (And the recruiting is a day to day endeavor, not just for Fridays anymore.) If the compensation was there, well ok, it might equalize out at the end of the day, but most of these mega mergers have not quite figured out how the compensation for management is going to play out this year. Not a real good feeling for finance managers.

At Willis Consulting we personally connect with and know these managers; we understand and have met their needs, whether it be successfully and confidentially recruiting advisors for them, or finding them a new firm to call home as a financial executive.

Our past nine years of success speak to our credibility. Contact us, and one of our financial recruiting team members will work with you.

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Regional and even some community banks’ brokerage services have improved markedly and some brokers at the top wirehouses are taking notice…not just because the consolidations have created turmoil and upheaval, but because bank brokerages can be an attractive job option for brokers.

For one thing, they offer a multitude of cross-selling opportunities. That, with the “warm” leads and focus on relationships with mid-range investors, is attractive to brokers looking to escape the pressure cooker of some larger wirehouses.

We’re seeing technology upgrades and other resources for brokers of the smaller banks expand like never before; they can no longer be called “minor league” brokerage operations. They’re offering some pretty decent packages too.

We have some very solid banking finance jobs if this fits your bill. Contact us today at 310-373-7400.

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The joint venture of Morgan Stanley Smith Barney is obviously destined to “reshape the wealth management industry” as Donna Mitchell reports in her feature article, “The Game Changers” for On Wall Street on May 1.

In an exclusive joint interview with Charlie Johnston and James Gorman, (two previously competitive rivals) say that pooling their resources will “balance the best combination of costs to the firm and still allow advisors to do their jobs well.”

Both deny that bringing the two firms together will prompt management to remove a layer of financial advisors who would not meet some production threshold. (We’ve experienced and heard that not all are convinced and the “jitters” continue.)

Mitchell reports the biggest impact this venture will have clearly comes from its sheer size, (Walmart??) and that of course is the goal. With a brokerage force topping 25,000 they surpass Merrill and the advantage they will have will be in their purchasing power for products. (Cost savings to go to firm’s profit, more likely than passed on to clients vs Walmart philosophy).

But I tend to agree with senior analyst Alois Pirker for Boston-based Aite Group that for the type of company that Morgan Stanley Smith Barney is to become, it may have too many financial advisors. Even Johnston and Gorman acknowledge the issue of management and how well it is done as the determining factor for the consolidation turning out to be a good thing for the advisor and for the client.

Something else to watch unfold in the months to come……

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