To Score Eye-Popping Offers, Brokers Need the Right Business Mix and a Little Chutzpah, Recruiters Say
Top producers can take advantage of the ultra-competitive market by horse-trading among firms, provided they have an in-demand book of business, recruiters say.
The company’s hiring across its independent and employee channels is on pace for a record year after a “very slow” start, Chief Executive Paul Reilly said on Thursday.
The Minneapolis-based regional added 42 brokers in the last three months, around half of its usual quarterly haul.
Bank of Montreal agreed to sell its Europe, Middle East and Africa asset-management unit to Ameriprise Financial Inc. for 615 million pounds ($847 million), marking Chief Executive Officer Darryl White’s biggest move yet to trim the bank’s portfolio of non-core businesses.
Raymond James has been forced to raise advisor recruiting deals in its employee channel to combat stiff competition.
Dallas broker was discharged in Morgan Stanley’s continuing pursuit of advisors who allegedly cheated retired advisors on accounts they passed along.
Ohio broker allegedly earned $450,000 from unsuitable short-term trading in Class A mutual fund shares.
Raymond James ended its fiscal year with 228 more advisors than 12 months earlier while Ameriprise was down a net 25.