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 father had logged 42 years at Merrill in Illinois, and the son, who ranked as a top next-gen broker on industry lists, had been there for nine.
“The exit of the international segment is progressing in line with our expectations,” a firm spokesperson said.
LPL Financial’s $35 billion in recruited assets brought onto its platform in the second quarter, spurred by recent additions from BMO Harris Financial Advisors and M&T Bank, was more than triple the amount reported in the year ago quarter.
It’s at least the second time in less than a month that UBS has sought to handcuff advisors who bolted.
Recruiters expect the broker of the future will be more dependent on Bank of America, but the eat-what-you-kill payout grid is “not going away,” Merrill president Andy Sieg said.
In response to competition, Raymond James hikes hiring bonuses, eliminates a longstanding production quota for recruits and will absorb loan balances of deceased advisors.
UBS broker in New Jersey managing $460 million returns to Morgan Stanley after 11 years.
Team includes two veterans who had spent nearly 50 years combined at Merrill and who managed $1.2 billion in assets.