Bank of America has seen six consecutive quarters of growth in its workforce of financial advisors which now number about 15,500.

As a counter to the rumor that more Merrill brokers will be leaving due to competing firms offering them large incentives and the former BofA retention packages coming to an end, a spokeswoman for BofA states that the average length with clients is 13 years and client attrition rates are in the low single digits.

Noteworthy is that Merrill’s training program is known as one of the strongest in the industry. Loyalty to the Merrill brand along with the retention packages and the hassle of making a switch to a new firm have kept most brokers in their seats.

There is another aspect affecting the top producers who also received up-front retention “loans” equivalent to 75% of their fees and commissions which are forgivable after seven years and the Merrill brokers still have four years left before the loans are forgiven.

Given all this, it will be interesting to watch just how much movement actually occurs in the coming months. It is a given financial recruiters for their rivals will continue to pursue the Merrill advisor.

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by nordique under CC BY  with wpseopix.com

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Here’s a great article that was written in October, 2011, for OnWallStreet, by Rick Rummage, CEO and founder of The Rummage Group. (Yes, a competitor in the recruiting industry.)

I never shared it on our blog site, but I think it appropriate now as many advisors gear up for another tough and competitive year in the Financial Services industry. Particularly if you are questioning your career status or trying to determine how to grow your business beyond what you achieved in 2011.

Even as a financial recruiter, I found much of what Rummage has to say relevant to my own career, and found myself asking “was I happy, insane, or a little of both”! I found my answer and am moving forward with enthusiasm and determination to make 2012 an even more successful year for Willis-Consulting, Inc. Here it is…happy reading. Are You Happy or Just Insane?

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Who will lead the wirehouse industry in 2012?

FundFire’s annual poll asked the question: “Which of the four major wirehouses is best positioned, in terms of its overall strength in the wealth management space?”

Results pointed to Morgan Stanley Smith Barney with 43% or 228 respondents, making them the most popular response.

The non-scientific poll reflects the opinions of FundFire readers who chose to vote. However, Howard Schneider, president of strategic consultancy Practical Perspectives concurs with the poll’s findings:

MSSB is well positioned for 2012 compared to the other wirehouses, given its breadth of advisors, relatively stable management, corporate parent and ongoing investment in technology and product.

Placing 2^nd in the poll was Wells Fargo Advisors followed by BofA/Merrill Lynch. And yes, UBS Wealth Management Americas, once again, polled as the least popular response.

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Every successful financial advisor has at one time or another reached a plateau in growing their business; you know, that point where they seem stuck on moving beyond to the next level.

If their firm or broker/dealer doesn’t offer PR or media training programs to assist them, then this is often the point at which an advisor begins to investigate moving elsewhere in the industry.

If you are an advisor and at this crossroad, be sure you include research into what training and support programs are available at which industry groups… and at what cost to you. In other words, look beyond the sign-on bonuses.

A reputable and knowledgeable financial recruiter such as Willis Consulting, Inc. will know what is available and where. Small group retainer services are being offered by more and more broker/dealer PR firms.

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As a recruiter, I spend a lot of time on the phone with potential candidates who are seeking a career change, or thinking of going independent, or wanting to establish themselves with one of the wirehouses.

Before we agree to meet, there is certain criterion that needs to be established. As any successful Financial Advisor will tell you, each time they meet with a client they focus on three questions. What does the client want to fix, accomplish, and avoid in their financial goals?

As financial recruiters, our focus is similar at Willis Consulting. Like our clients, we are a relationship-based business and we devote critical attention to matching investment philosophies, temperaments and work style between our clients and candidates.

So if you are an advisor contemplating a change, look carefully at your current firm and your business and then determine what you want to fix, accomplish and avoid…three essentials before a winning “match” can be made.

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Lots of “scuttle” out there regarding Broker Protocol and the changes we’ve seen the past two years (U.S. Trust and their “Garden Leave” has brought the topic back into the limelight).

Since the 2004 origin of Broker Protocol, which was used to aid the big firms to recruit, lately the Protocol is also being used by financial advisors to break away on their own or leaving for smaller independent firms.

As a result, there has been a dramatic increase in the number of companies belonging to the Protocol. (Very easy to do; just notify the Securities Industry and Financial Markets Association and complete the joiner form at no cost and with no review of the firm.)

Thus, we’re seeing some new and creative interpretations of the rules which have led to a lot of “buzz” about the need to find a process for amending the Protocol and regulating it in some way.

So the big question is, without some regulation to assure compliance with the rules, will we return to the era of firms spending money and time suing each other over recruiting practices, making it more difficult for advisors to move between firms without fear of repercussion? Any views on this?

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Sound impossible? Not really.

Considering the markets ending up 20% in 2009, one might expect gross production to reflect the same. Not so, according to Carri DegEnhardt-Burke of Degenhardt Consulting in Jersey City who found that just one in 10 brokers enjoyed significant growth in 2009.

So, of those top-line growth oriented advisors, what’s the common theme to “getting it right?”

You might be surprised, but the dynamic branch manager is key! With the downsizing of manager positions, so emerges the “complex manager” and his survival depends on how well he can act as a great coach, mentor, leader, motivator, trainer and advocate.

And if you don’t happen to be in an office with one of these, then many advisors are hiring (yes, hiring expert career coaches) who come up with an overall business plan, re-energize the advisor and get him to refocus once again.

NOT a bad idea at all and one I think I could embrace. And you know what? As a financial recruiter, I just might have opened a “new door” in my own back yard!

What do you think…should we recruit some career coaches for our clients???

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Financial advisory professionals now can use social networking to expand their businesses while still being in compliance with the Securities and Exchange Act of 1934.

The new site, http://www.linkedfa.com/ provides free membership to advisors and their clients. The privately owned Coral Springs, FL based allows financial advisors to retrieve records of communications between an advisor and a client, blog posts, comments and instant messages, along with shared documents and other public or private correspondence.

The site offers privacy settings that allow advisors to have one-on-one conversations with clients, which are logged as well. In addition, compliance officers who join the network can monitor client-advisor correspondence by setting keyword alerts.

Sounds promising, but mind that FINRA was not involved in the site’s development and last November established the Social Networking Task Force to look into issues posed by the use of internet based communications.

This scenario will be interesting to follow, especially since most financial services firms either restrict the use of social media sites or ban advisors from using them. I’m confident we’ll see more on this one.

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Ok, so everyone deserves a getaway. Packed up two cars, with my wife, three kids, dog, bikes and boogie boards…had to get out of the Arizona scorch. And yes, it just happened to be my 20 year High School Reunion.

I tried to keep in sync with the goings and comings of the financial industry, and of ongoing issues here at Willis-Consulting, Inc. (Even put on my suit and tie for a client meeting one morning.) But the lure of the cool ocean air, the surf, a new beach cruiser, and commiserating with my high school football cronies seemed to monopolize most of my time.

But you know what? It’s ok, because time away has a way of rejuvenating the mind and focus. And not much changed while I was gone…brokers are still on the move, the Feds are still seeking more control by appointing czars, and the big bonuses are flowing…and I’ve bounced back very quickly!

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Here’s what I see this week, and it’s not over yet:

UBS is “dumping” offshore business for US clients, a previous lucrative business. Perhaps some pressure from the Feds/IRS?

Bank stress test results due out in early May are causing more stress, as seen in Monday’s market decline; are their first quarter earning reports “bogus?” (Or merely a result of the stimulus funds “doing their job?”) Whatever, they have been the “spark” plug for the April market rally.

Sun trust Investment Services of Sun Trust Banks to add at least 30 more advisors this year. Bankers continue to “woo” financial advisors.

Committed and deep pocketed rivals, Morgan Stanley, and J.P. Morgan “break” from the pack showing strong earnings/profits. Wealth management is still thriving.

Financial recruiters? We continue to feed our appetite to be “poised and ready!”

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