The new Merrill Edge Financial Advisors are targeted for Phoenix, Los Angeles, San Diego and Orange County and are to be on board by the end of the first quarter, 2012, bringing the total financial solutions advisor force in these areas to more than 250.

You may recall, the firm has been adding to their financial solutions advisor force to reach a goal of more than 1,000 by the end of this year. The firm also plans to fill regional manager slots in Phoenix, Arizona and the Inland Empire region in Southern California.

As finance recruiters with a focus and expertise in these areas, we see some great opportunity for those looking to make a move and encourage them to contact us immediately.

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Will Regions Financial Corp find a buyer for Morgan Keegan?

That’s been a question in the industry for months, but recent speculation points to a very slim chance of it happening.

What makes it more interesting is that it now appears that it may be Regions Financial itself that is “on the block.” This, according to Marty Mosby, bank analyst with Guggenheim Securities LLC as reported to Andrew Osterland for InvestmentNews on Dec. 11.

Hoping for a private-equity firm buy-out, negotiations fell apart during the summer, and now it looks like strategic buyers Stifel Financial and Wells Fargo are the only possibilities, with most advisors preferring Stifel.

Regardless of the outcome, big changes are ahead for the advisors at Morgan Keegan and with the uncertainty and hurdles they face, financial industry recruiters are looking for more to “jump ship”.

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Glad I have your attention…so what is “it”?

“It” is the all-purpose positioning statement, known in the trade as an elevator speech, because it should be short enough to convey who you are and what you offer in the space of an elevator ride. It helps you present yourself and position your capabilities in the listener’s mind.

While you should be prepared to talk with passion, power and clarity about your entire range of services (known as your value proposition), your positioning statement may be your foot in the door to that conversation. It should be at most a sentence or two—generally no more than 60 words that convey what you do for whom.*

With this definition of “it”, Willis-Consulting, Inc. stands behind their positioning statement:

“We are recruiters specializing in the unique needs of financial advisors who are seeking the ideal broker dealer or custodian for their practice. We stand behind our integrity, credibility and vast knowledge of the industry to assure the most timely and smoothest transition possible for you and your clients.”

We have a lot in common with you; let us help you find a finance industry job today.

*OnWallStreet, “How Advisors Can Develop a Good Positioning Statement,” Dec 5, 2011, by Marie Swift.

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The recent sale by Ameriprise Financial of its Securities America advisory services has led to a new “buzz” on the street.

The big question: Is this a new wave of consolidation within the finance industry similar to what we witnessed over the past two years?

Two differing opinions were quoted by Dave Lindoff for OnWallSteet on August 17.

1. S&P asset management industry analyst Chris Maimone thinks there are more to come if equity volume continues to trend lower due to marginal economic data coming out, but the consolidation is likely to come from the smaller players who have less staying power and flexibility. (Unlike the recent Ameriprise Financial deal which was due mainly to their desire to focus on their own brand; plus they made a nice profit on the sale.)

2. Another opinion comes from Haywood Sloan, principal at Diversified Services Group, who thinks current consolidations are just aftermath of the huge wave we saw in 2009-10, and are more about growth, not shrinkage.

Paul Reilly, CEO of Raymond James agrees with Sloan, stating that financial companies today are more liquid and less leveraged, so expects fewer failures and consolidations.

However it plays out, brokers are still on the move.

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Acquisitions and Financial Advisor movement is generally associated with a broker-dealer growth, but RBC Wealth Management claims they are doing it by keeping their customers satisfied.

A customer satisfaction survey by J.D. Power and Associates ranked RBC first in customer satisfaction, and RBC management claims the success is due to three programs that financial advisors can utilize to learn to better manage and grow their book.

The courses teach FAs to focus on their top tier clients and to move to a fee-based model. Even though production may decrease initially by dropping lower tier clients, over the long haul it grows due to increased managed accounts and customer satisfaction, and RBC’s FAs say they are better able to serve their clients after putting the course guidelines into practice.

Will it increase their loyalty to the firm? Will be interesting to follow and watch for movement of the FA’s to and from the firm.

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Before entering a deal, and signing your bonus contract, read ALL the number of provisions.

The Wall Street Journal reports on Aug 2, that some bonus contracts reviewed by Dow Jones and several securities lawyers, show that some advisors in recent years have waived their right to file counterclaims against their ex-employer in arbitration proceedings that involve unpaid bonuses.

Under these contracts, if an advisor leaves the company without repaying a bonus, and the brokerage takes the advisor to arbitration to reclaim the money, the advisor can’t respond with direct counterclaims unless it’s simply a claim to prove they did repay the bonus. Brokers who have other grievances would have to file claims in separate proceedings.

(Counterclaims are an important negotiating tool for brokers in bonus cases and can involve complaints about failed promises or another type of grievance that would not warrant filing a separate case involving more time and money.)

It should be noted that Dow Jones interviewed over half a dozen lawyers for the report, and nearly all of them said it’s unusual for a brokerage to include a no-counterclaim clause in a bonus contract. However, a couple of them said it’s not uncommon.

So, check the fine print before you sign!

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Last week’s surprise announcement by Ameriprise Financial that they would find a buyer for Securities America sent their 1,800 financial advisors and industry recruiters buzzing about where to find new positions at other firms.

Since the announcement was just made last Tuesday, it is unclear as to whether the advisors will be sold wholesale to a single buyer or be dispersed to different firms.  Adding fuel to the fire are some ill feelings held by some of the advisors who feel betrayed that they had to find out about the plan in a public announcement.

Speculation as to the type of firms that will attract them is also under discussion. Bill Willis, President and CEO of Willis Consulting Inc., spoke with Donna Mitchell of OnWallSteet:

“The Securities America advisors could end up at as many as 30 or 40 firms. Traditionally, Securities America has been a highly independent, a fiercely independent group,” said Willis. “They are pretty inventive folks who would go someplace that would serve them well, but where they would also be left alone. They’ll probably want to stay away from those independents that are self-clearers.”

As to a wholesale buyout, who knows who might step forward? Watching with interest, but it’s inevitable these advisors are going to be moving as soon as possible.

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With the uncertainty as to what to expect from the SEC’s new fiduciary standard to be set for defining the financial advisor’s role on behalf of clients, Morgan Stanley Smith Barney is moving beyond just “buzzing” about the “what if’s”…

At last week’s Securities Industry and Financial Markets Association conference in NYC, Anne Cooney, general counsel in MSB’ legal and compliance department , told other panelists in attendance that despite not knowing how or when the new rules will take shape, MSB was already working thru different scenarios that may arise.

One of the biggest questions on the table is what level of communication wirehouses must offer to the different brokerage accounts including those that only use the firm’s call center, some with small balances and some with heavy stock concentrations from an employee’s company, not to mention those within the traditional advisory framework.

And what about the “hybrid” account where an advisor is expected to give advice on part of the account, with the investor controlling part of the brokerage trading? Will the fiduciary standard be the same for each type of account?

A whole other concern centers on disclosure and which rules apply and when and just how a firm is to measure and supervise compliance of all of these issues!

Just WHEN the new draft fiduciary rule from the SEC will be out, is up for debate with a feeling that this fall will be the earliest, and some predicting that it will come no earlier than 2013 (per Ronald Long, director of regulatory affairs for Wells Fargo Advisors and another panelist at the conference).

All said and done, what changes come and when they come, all panelists agreed that significant technology and operations overhaul were inevitable because nobody will be able to keep up with the onslaught of new rules many of which will be within “tight timeframes.” As Wells Fargo’s Long added…”All of you should start hugging your IT people!”

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During 2010, brokers and financial advisors have continued to leap into the independent channel at a swift pace.

Whether it was to set up their own shop, join another RIA or sign on with an independent broker-dealer 56% of 1,046 investment professionals said the independent model has become more attractive in today’s economic climate and 70% expect independent advisors and brokers will make more money in the next year and a half.” *

So, if you are an advisor thinking to make “the leap”, you need to carefully vet the firm you are considering, and more than likely you’ll need a professional recruiter to help you do this.

At Willis-Consulting, Inc. we can give you the insight into each firm’s infrastructure, investment philosophy, marketing strategy and compliance records to assure they are compatible with your and your clients’ needs and objectives. It’s all about the right “fit” so doing your homework is mandatory.

*Broker and Advisor Sentiment Index survey conducted on behalf of Fidelity Investments

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Of note last week was the announcement by Bank Investment Consultant that financial advisors last year sold a whole lot more mutual funds, ETF’s and other equity-linked products while continuing to increase annuity sales.

In addition, the trend toward more fee-based income and away from commissions continued. More advisors were making the high end of their grid than in 2009 when BIC’s survey indicated advisors in distress due to market trends and fear of investors to enter the stock market.

Bottom line, payouts and total income of advisors have been rising, recruiter calls are way up and one can only point to strong and upbeat market conditions. Clients are clearly re-entering the market and advisors are feeling and acting more optimistic.

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