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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Just an FYI for you Financial Advisors who are looking, (or not) to make a move. Should you contact Financial Services Recruiters or go it alone?

First to consider: A good recruiter has access to jobs and information about the industry and can provide advice that will improve your chances of getting interviews and offers.

That said, here are a few suggestions on how to successfully work with a recruiter which may help you with your job search:

Understand What Financial Services Recruiters Do

Understand what we do. We work for our clients because the client pays the bill. Our relationship with our clients means that we have access to inside information. Listen to our advice when it comes to resume changes, interview coaching, etc.

Work With Your Recruiter

Work with a recruiter, not against them. If you have no experience with financial services recruiters, you may be put off by some of the questions they ask. Understand that we need detailed information on your background, education, work history and production numbers. Be assured we will check your FINRA record, so be honest and if you do have some background issues it does not mean that we won’t work with you.

Share Your Feedback

Openly share feedback. Discuss your career goals, compensation expectations, feedback from interviews; the more we know about what you expect, the more likely we will find a firm that is a good fit.

Not Looking? Talk to Us Anyway

Talk to us, even if you are not actively looking; we are your eyes and ears in the industry. If you are comfortable where you are, chances are you are too busy to seek out potential opportunities or keep up with the industry. We can keep you connected so you don’t miss out on a potentially great opportunity.

Contact our financial services recruiters today.

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs

Regions Financial Corp announced their intent to sell off their Morgan Keegan brokerage unit last June, and ever since rumors and speculations over who will acquire this close-knit brokerage whose roots date back to 1969 have been the talk on the street and inside Morgan Keegan.

Blackstone Group and Stifel Financial Corp have been cited as possible suitors for Morgan Keegan. Inside rumors  seem to be pointing to the majority of more than 1.200 brokers in the private client group are hoping for a private equity buyer which could give them an equity share in the firm and allow them to stay more client-centered than a big bank might allow.

So, if that does not happen, will there be a mass exodus?

Industry recruiters seem to agree that these financial advisors do not want to be a part of a large firm and if client dissatisfaction over the acquisition occurs also, then they would be looking to leave. And it very likely could be a mass exodus.

So, where would they go? They have always been extremely loyal; they like a small regional firm culture and they want to retain that identity. The independent space is a logical next-step it would seem.

Morgan Keegan spokeswoman, Kathy Ridley, has said “The Company is looking for a buyer who will maintain the same culture that we have had.” As Financial Recruiters, we will be watching with interest.

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Looking to grow their business with institutional clients, Bank of America Merrill Lynch has renamed its Institutional Consulting Group.

An internal memo sent to employees by Managing Director Thomas McAuliffe, announced that Global Institutional Consulting would be the new direction which reflects the global institutional products and services that clients now expect, including international research and resources.

The group of advisors now totals 70 with a goal of 75 by year end. Recruiting will focus on institutionally-experienced financial advisors who could come from inside or outside the firm, individually or within teams, McAuliffe told Lorie Konish of OnWallStreet last week.

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs

Your website plays an extremely important role for your business. It is likely the first place a prospect will go to learn more about your firm. First impressions are everything in this business and your website can keep you from acquiring prospects. However, if your website is well designed, it can help bring you plenty of new business.

Here are some tips to make sure your website is working for you. The most important tip is to make sure your website is user friendly. Most clients of financial advisors are baby boomers or even older, which means they may not be as technologically savvy as younger generations. Make sure people are able to navigate easily through your website.

Another tip is to make your website unique. Add something to your website that shows who you are as an advisor or team. Try to engage people who visit your website with something that makes your firm better than the rest. Be creative when designing your website and make the most of your homepage. Your homepage has to draw in the visitors and make them want to check out the other website pages.

Once you have created your content and completed your website design, make sure your website can be easily found. If they can’t find your website through basic search engines such as Google or Yahoo, then all your hard work is for nothing. Your firm should be shown towards the top of the list.

Check your website statistics regularly for changes in the amount of visits you receive, etc. This will help you understand what is working and what changes need to be made.

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs

“Financial advisors have been making some headway with consumers. Other research shows that entrepreneurs are among the most trusted people in the economy, and independent advisors are entrepreneurs.”

The best tools for financial advisors are utilizing social media tools, social networking to remain in contact with their clients and attain new business. The young investors use online forums and social networking sites to find financial advisors. The Capstrat-Public Policy Polling found,

“48% of Millenials (Americans between 18 and 19 years old) consider Google searches to be their most influential financial advisors…50% of respondents in this group gave financial advisors the highest scores for reliability.”

However, the majority of Americans still favor banks over financial advisors partly due to the aftermath of Bernard L. Madoff and Allen Stanford. Women are less likely to trust financial advisors over banks. According to the Capstrat study,

“Male respondents (28%) considered financial advisors to be the ‘most influential’ source of advice, compared with just 19% of women. Also, 22% of women considered banks to be the most influential source of advice compared with just 12% of men. Also, 59% of women respondents are more likely to turn to banks for advice, compared with 43% of men.”

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Retention bonuses to top brokers may satisfy some, but maybe only for a short time, according to a recent Aite Group survey of 400 advisors published this week by RegisteredRep.com

Analyst Alois Pirker, author of the report, predicts “…a great deal of broker switching can clearly be expected to take place in 2010 and 2011.”– even by those who received retention payments. It appears as though the packages bought time, but not necessarily loyalty.

As long as the big sign-on bonuses are still out there, those dissatisfied top producers are going to continue to generate breakaway activity.

For the full report, read Bonuses No Balm for Some Breakaway Minded Brokers.

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…of a new era, that is.

With all the talk on the street of the recession ending, one cannot help but think, “Okay, so what’s ahead for us now?”

Even with the Dow inching forward, unemployment rates remain staggering, the housing market is stalled, and companies are still going out of business. And within the financial industry we hear all the pros and cons over how to regulate, who to regulate, and how to move forward in rebuilding client confidence.

No matter whether it be a fiduciary standard, a suitability standard, or a “universal” standard imposed on financial advisors, all are going to have to look ahead and ready themselves for the changes coming…and they will come.

As financial services recruiters, Willis Consulting is finding that financial advisors who embrace the changes, focus on new investment strategies and assess how to help their clients rebuild assets are not those who are bickering and debating over how they will be regulated.

They are the ones who are preparing for the “new” beginning. They will be ahead of the game whenever the debates end. And guess who will be left in the dust?

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs

I’m throwing out a poll…Willis Consulting’s website includes some very good bios on our competent and talented financial services recruiting staff and a lot of thought went into creating these.

Now I agree that the bio’s should reflect what our clients want to see as to what’s in it for them if they contact us… (along with our background and expertise).

But now I have come across another tip that suggests we post color photos of us all, looking our finest at the camera with a big smile, our name in nice big font followed by our bio’s…

Really? So, ok…what do you think?

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Scanning the Sunday, April 4 editorial section of the New York Times, I came across Maureen Dowd’s piece, “The First Shrink,” where the focus is on our President’s interpersonal relationships with the “global club” this past week…

In essence, he employed smart psychology, and like a “good shrink” he listened, he didn’t bully, and he didn’t show self-righteousness or indignation if someone dared to differ with his opinions or ideas.

I can’t help but think that being a good shrink is rule number one when faced with finding a solution to a difficult problem…whether you’re looking for a new firm, or trying to figure out what to tell your clients who are so full of anger and indignation.

So listen, and be resourceful… (per the dictionary, resourceful is “the ability to act effectively or imaginatively in especially difficult situations”).

And yes, these times and events DO qualify as “difficult situations” for us all…so this week, my focus is on being a good shrink, staying focused, and being resourceful…seems to fit the bill for a good financial services recruiter, don’t you think?

Financial Advisor Recruiters - Recruitment Firm for Financial Advisor Jobs