The Nation's Top Brokers

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Jul 29, 2005 9:40 am

There is a memo circulating around our shop about compliance, and in it we are reminded of the issues discussed in the following link from Registered Rep magazine--which, by the way, should be required reading for the rest of your career.


The link is below, but why I put it here is to draw your attention to the fact that the piece also deals with the country's top fifty brokers.


My question is this.  If being "Indy" is such a good deal why do you suppose so few of the country's top brokers take that path.  Look over the list and note how many of them work for the evil wirehouses.


Can there be that many stupid people on the list of top brokers?


How many of those top brokers do you think blame ridiculous managers who have no idea what they do--as opposed to thank their firm for providing them so many tools, and the individuals that come along with those tools?


http://registeredrep.com/mag/financeclean_machines/index.ht ml

Jul 29, 2005 12:22 pm

Each of you should look at that list and ask yourself if you see your own firm represented on the list.


I saw mine--in fact I saw it several times.  How about you?

Jul 29, 2005 4:20 pm

You saw your firm several times because the person writing the article
got hold of the names of those people mentioned in the article. 
(Gee, I wonder how...)



There is a ML rep with over $1 billion AUM with a clean compliance
record and he isn't mentioned on that list.  Why isn't he on
there?  Maybe because that isn't an exhaustive list of everyone in
the industry that meets the criteria to be on the list.



The fact of the matter is that there are big producers at just about
every company.  Even little old Piper Jaffray with under 900
advisors has big producers.



Not everyone wants to work for a mega-corporation.  And I don't blame them.



There is no magic to be found at ML, SB, or any of the other big,
name-brand wirehouses.  The fact is a successful person is going
to succeed wherever he hangs his coat.  Plus someone is going to
be a little more than a number at a smaller firm.



Personally, I cannot imagine why anyone with over $1M in production who
has been in the business for 10 - 20 years and has a loyal client base
would ever do anything other than go independent.


Jul 29, 2005 4:36 pm
inquisitive:



Personally, I cannot imagine why anyone with over $1M in production who has been in the business for 10 - 20 years and has a loyal client base would ever do anything other than go independent.


I got two two-word answers--they're really the same.


Deferred Comp


Golden Handcuffs


There is also a sense of loyalty among the really decent people in our society.  There are guys out there who are going to dance with the one that brung them until the dance is over.

Jul 29, 2005 10:49 pm

I didn't see the survey. Were there Edward Jones brokers on the list ? How about LPL ? Is Raymond James surviving after the fine for charging people for managed accts w/out doing any managing ?