Industry analysts continue to debate over who will acquire Regions Financial’s brokerage firm, Morgan Keegan, but nobody is commenting or confirming anything.

The haggle is obviously over price, but it looks doubtful it will be the $1 billion that Regions is looking for.

After all, this has been in the works for over six months now and ever since the failure to solicit private equity investors and failed promises to their advisors, the obvious is out there.

Either deal — with Stifel or Raymond James, is going to mean a different operation and more change and my gut feeling is they’ll lose a lot of advisors…they are already making calls and looking around.

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UPDATE!

Raymond James acquires Morgan Keegan for $930 million. Read more here…

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RIA firms have substantially increased their assets under management within the past year as of this past quarter. Their growth has jump by the end of the 2^nd quarter and the top firms have almost doubled their accounts. Advisors are realizing that breaking away from wirehouses to RIA firms is a lucrative way to go.

However the majority of top firms who have repeatedly been on the list have barely increased their accounts. Why is this happening? Many advisors are excited by the growth of assets, but it’s not from new business. This will ultimately hurt them when the markets turn for the worse again as we all know it will sooner or later.

So are these firms just riding the market out as long as they can and hope there isn’t a downturn? They should be focused on more ways to recruit more business and recruit more advisors who have access to large books of business. The bottom line should not have to depend on the market alone, but the amount of the accounts and high net worth clients you have as well.

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Most will agree that the financial services industry is a male-dominated world. So it is no surprise that women are less than happy with their current advisors.

When a husband and wife walk into the office to meet with their financial advisor, it used to be a general assumption that the final say on all finances was the husband’s. Now, the times are changing and many women are actually the breadwinners in the household. Yet women are still treated as the lesser equal.

Peter Damisch, coauthor of a Boston Consulting Group study, states, “We heard this sense of subordination time and again in our interviews. The problems that cause women to feel like second-class clients are deep-seated. They stem from experiences in the advisory process as well as the communication style of private banks and relationship managers.”

The percentage of women who control the wealth will continue to increase over the years. If financial advisors are willing to adapt to these changing times, there is no shortage of women looking for an advisor. Women aren’t looking for just female advisors either. Most women are indifferent to gender.

Women are looking for a qualified financial advisor who can provide them with solid investment planning advice. Because women also tend to live longer, they are going need help investing for their future if they survive their spouse.

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According to a new report from Cerulli Associates, Inc,

“…the average age of an advisor is 49, although it may be even older since the firm analyzed predominantly fee-based advisors – a group that tends to be younger.”

Many big firms are trying to set up more training programs to entice younger finance professionals to join the business. This will help keep accounts from leaving the firm when older advisors decide to retire. According to the Cerulli report, “a number of financial firms have launched training programs, but the report showed that a larger broker-dealer needs to add 2,000 to 3,000 financial advisors ‘just to keep pace’.”

Financial firms have a lot of work to do and quickly to even attempt to replace its older advisors. There is plenty of room for younger advisors to acquire a baby boomer’s book of business.

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With the constant changes that occur in the financial services and banking industries, it is no surprise that many brokers are keeping their options open. Wirehouse brokers have been looking to breakaway into the independent channel. This means RIA firms now have more options than ever to hire great talent.

Pershing performed a study and said, “…the wirehouse channel has a rich deposit of potential candidates for independent advisory firms—the branch managers. Because of the nature of their jobs, those professionals can set strategies, communicate initiatives and develop businesses.”

RIA firms have had the luxury of not increasing their staff due to recent layoffs because the principals cut their own salaries when their annual revenues decreased. Also, many people needed financial advice more than ever during the economic downturn.

According to Donna Mitchell, RIAs Can Look to Other Channels for Growth, “RIA principals should also consider that at the end of 2008, there were almost 310,000 financial advisors in the industry, and just 6% were in the RIA channel.” There is an untapped resource for RIA firms to hire brokers from the wirehouse channel who are ready to make a move.

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UBS’s CEO of wealth management, Robert McCann is calling it “Growth Plus”, a new retention program to reward brokers who have been with the firm for more than five years and produce at least $500,000 in annual production starting in 2010.

Forced to compete with MSSB , BofA, Merrill, and Wells Fargo, all of whom are offering significantly more in retention packages, how is this being received? Well, it’s probably too early to say, but speculation from a number of recruiters is that it will be a tough uphill battle.

Matt Ackermann’s insightful reporting in his article USB’s Deal: Too Little, Too Late? for OnWallStreet on Dec 11 has the details. Check it out.

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Well, here we are again. Another holiday season beginning. Can’t believe it has rolled around again…and what at year it has been! Can’t think of anyone who would not agree that it’s been quite a “ride.”

But you know what? We HAVE survived and the “doomsday” forecast of a year ago did not occur.

So, as I began Thanksgiving week and loaded up two cars with my wife, three kids, two dogs and 5 bikes and headed across the desert for the grandparents and California beaches, I reflected on those I needed to express my gratitude…

On top of the list, the servicemen and women who have given so much to each and every American. Then there are my family and friends who have given of themselves so selflessly; my business partner and associates at Willis-Consulting, Inc. whose hard work and dedication have given me the ability to live well, and our clients who have remained loyal throughout some tough times this year.

So to all of you I say “THANKS” for your giving to me. May you all have a giving and blessed holiday season!

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With interest I read the report from the research firm, Discovery Database, that only 361 wirehouse finance advisors changed firms in October, down from 380 in September, and down from 990 in July.

Yeah, that IS quite a drop. (But then…hey, you need to look at the bigger picture over the past 12 months and consider (dare I say it) the “meltdown.” Discovery looked at a full year of data and found that 24,441 advisors changed firms between November 2008 and October, 2009.

That’s an average of 2,036 a month!

As financial service recruiters, I can tell you Willis Consulting has had a VERY busy year, and it’s not over yet!

More on these movement stats to come.

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Want that opportunity at a major Wall Street firm?

Here’s what we know about landing that position in today’s job market within the financial services industry:

Our successful candidates contact us because they know WE know what the industry is looking for.  We have a “specialist” orientation approach; all of our recruiters have been there.

What we demand of our candidates is that they speak and act serious to be taken seriously.

That includes being on time for appointments, acting and speaking in a professional manner, having a business plan to present, and following up the interview with a courteous written thank you.

Oh, and promptly returning phone calls and IF necessary, canceling and rescheduling well before the appointment date!

Can’t do? Then, don’t waste your time, because you won’t get the job!!

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