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.

The proposed legislation was drafted to correct abuses in independent contractor classification, but unfortunately, the financial advisory community would get caught up in the unintended consequences. Let’s hope that the legislation is modified to protect the independent advisor status, assuring that their rights and the business model under which they operate are ensured! Write your Congressman!!

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs

Out and about around the block in the financial world today, I can absolutely say that those financial advisors who are looking for the competitive edge will need to bring to the bargaining table the ability to serve the growing and changing needs of older, retiring clients as well as those who are still in the wealth accumulation years. And it will be a juggling act as well as a challenge.

The advice-giving approach must shift from a focus on wealth accumulation to addressing different strategies for generating enough cash flow to support investors in their daily lives.

So for advisor candidates seeking new homes, definitely plan on bringing a service package that includes access to trust services, legal and health-care information and advice. Your clients of the future are going to require you to have the ability to assist and advise them in restructuring their spending patterns as their circumstances change.

AGAIN…the focus is on change!

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs

Makes no difference…large wire house, small, or regional…there is no doubt that all financial advisors will reflect back on 2009 as being the pivotal year for change in compensation.

No matter what type of financial business an advisor does, the size of his accounts, types of accounts, monthly production, or annualized production…it is all being scrutinized and restructured, and in some cases totally overhauled. Some plans are so detailed and intricate, it would take days to sort thru them all, and heaven help you if you tried to put it all on a comparison grid!

As financial recruiters, we are currently sorting thru all the changes, trying to get a look at the “big picture” out there so we can continue to provide knowledgeable and reliable information to our job candidates and clients.

As we work through this process, I do know there is one thing that won’t change and will always remain stable…the opportunities and rewards are driven largely by the financial advisor’s effort and success. Ditto for us as recruiters at Willis Consulting!

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs