Independent Broker Dealer Recruiting
In a recent article written in InvestmentNews Jodie Papike is quoted talking about Independent Broker Dealer recruiting in the first quarter of 2015.
“Last year was a really good year for a lot of major independent broker dealers, with a lot of change in the marketplace that spurred some movement,” said Jodie Papike, executive vice president at Cross-Search, a third-party recruiting firm focused on independent advisers. “Without a lot of negativity [this year], firms have sort of stalled a little bit in recruiting.”
Last year, many Independent Broker Dealers experienced tremendous success recruiting advisors away from firms that were going through major changes. These changes took the form of broker dealers that went out of business, were consolidated or had big cultural shifts within their back offices.
In contrast, this year we have not seen as much change, which contributes to the slower recruiting between firms. Another contributing factor leading to the slower movement relates to the strong markets.
“Whenever markets are good and clients are happy, the pain points advisers tend to feel lessen a bit,” she said. “That can change very quickly if there continues to be any kind of consolidation or changes taking place at the big firms.”
“The continuing strength of the market is helping to satisfy advisers who otherwise might have been looking for a move but that could change, especially if the industry undergoes major consolidation in the year ahead”, Ms. Papike said.
The slowdown in recruiting in the first part of 2015 is making it an ideal time for advisors to consider a move if they are not comfortable with their current broker dealer. Independent Broker Dealers are typically more aggressive and more willing to negotiate in times where there is not as much movement.
For the full story on Independent Broker Dealer Recruiting click here- http://www.investmentnews.com/article/20150426/REG/150429941