Willis-Consulting, Inc. has moved its Scottsdale satellite office site into the “Bright Lights, Big City” appeal of Kierland Commons.

Located at 15051 North Kierland Blvd, Suite 210, we are in the midst of this big city flavor, high energy driven retail and dining desert oasis.

Known for drawing people who “know what they like”, and surrounded by Scottsdale’s financial industry, our doors are open to assist financial industry professionals looking to relocate or make a career change. Our professional recruiters have extensive experience and have a background in the financial services industry.

We invite you to drop in and see our new environment…we think it’s reflective of the high energy throughout Kierland Commons! (See location map below.)

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs

What exactly is the “Garden Policy” and will it hamper recruiting?

Traditionally, wealth management firms largely follow a broker protocol, whereby an advisor cultivates a personal relationship with clients and has ownership of their business. A garden leave restriction would require an advisor to not only stay with a firm for a certain period of time, but also hold off on contacting existing clients.

In February, Bank of America Corp. gave its U.S.Trust advisors notice that they were subject to the garden leave restrictions if they left the company. (Advisors could take a leave from the firm for up to 60 days, during which time they may or may not be assigned work. They would also have to wait six months before soliciting business from their existing clients) Not surprisingly, this sent some tremors throughout the industry.

In March, Bank of America assured its Merrill Lynch wealth unit they will remain under the broker protocol. The debate around these restrictions continues with U.S. Trust claiming a “protection of the client approach.” While the client still has the option to decide to follow an advisor who leaves, both the client and the advisor become less “portable.”

On the other side of it, an advisor being recruited by a firm with the garden leave policy becomes even more challenging. Not many advisors I know are going to be too happy to move to a firm with such a controlled employment agreement.

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs

Although some financial advisors turned toward transactional models during the downturn of the economy and loss of business, the majority are moving toward a fee-based business for their clients. Investors are still reeling from their losses and still unsure about what the future holds. Advisors need to find more options for their clients to get through the storm.

According to a survey by Russell Investments, “…39% of advisors are selling more annuities, in a response to customer demand for products guaranteed income products.” While clients are looking for a safe place to put their money with guaranteed income, they need to be aware these products aren’t always as great as they seem to be. These products also generate a nice commission for these advisors helping them to stay afloat or recoup their loss of business. Clients should be aware of the fine print.

Many financial advisors who were using transactional based models tend to have a larger client base than fee-based advisors. They are realizing how much extra time and effort they have to provide their fee-based clients. It is still an uphill battle for most financialadvisors to figure out the best way to retain as well as build their businesses. Clients are more demanding as ever in this economic aftermath.

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs

The Baby Boomer investors aren’t the only ones looking to retire within the next few years. Unfortunately, their financial advisors are also Baby Boomers and looking to retire.

Where does that leave the next generation and beyond? Veteran advisors are having difficulty finding new talent to help takeover their book of business once they retire.

Many firms like Morgan Stanley Smith Barney are adding plans to help experienced financial advisors with their succession planning. According to Talent Shortage Grips Firms As Financial Advisors Age, the company reported, “(it) created a retiring advisor program that assists those producers who are planning for and changing their businesses over a suitable length of time before their expected retirement.”

But what about acquiring new talent? What plan do firms have in place to find this new talent for these veteran advisors? Apparently, some firms are looking for younger financial advisors to come in and learn the experienced advisors’ business and eventually take over their book of business.

I still believe most financial job recruiters are going to go out and find experienced advisors with a large book of business rather than spend their time hiring young advisors who have no book of business. Many FAs don’t get paid if the book of business isn’t reaching the firm’s minimum requirement. Where is the incentive for financial recruiters?

Mindy Diamond, a financial industry recruiter, states,

“Recruiting advisors without real life experience can pose a serious problem for the firm. The lack of life experience and lack of a rolodex of connections sets these young kids up for failure.”

While this may be true, why can’t firms set up a program to help younger advisors? After all, they are the future.

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs

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.

As our CEO and President Bill Willis, told Lauren Barack, reporter for OnWallStreet:

“The number of people who want to look around has dropped because of the turmoil.”

Consequently, these wirehouses have got to train talent in-house to increase revenue they bring in. To echo Bill, all of our recruiters at Willis-Consulting, Inc. see the opening for younger people looking to break in as a plus—and a good sign of optimism!

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs

Greed and Entitlement!

I thought I had seen it all until last week’s “resignation” of Merrill’s CEO John Thain…the revelation of his secret last minute 4 billion dollar bonuses paid out in December (versus “normal” January bonus payouts)

…Oh, and by the way, he was simultaneously preparing a report of 15.3 billion dollar fourth quarter losses!

Meanwhile, down the block B of A is writing a request for more government bailout funds!! Was it indignation I felt? Shock? Embarrassment? Or even rage?

Actually, I don’t think I felt much of anything; perhaps some sadness or resignation to the reality of what has become the “norm.”

But, I was somewhat encouraged to see that Ken Lewis bought 200,000 shares of B of A. I still foresee a good percentage of Merrill’s 19,000 financial advisors joining forces with the Brokers on the Move from the big wire houses this year, and Willis Consulting is in the process of expanding and paving the way to service and place these “movers.”

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs