Hiring Trends

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Dec 4, 2009 2:09 pm

With veterans retiring, at least hoping to retire (some got creamed with the market downturn), assets up for grabs, and cash on the sidelines,  this industry may soon have to start hiring again -- on a mass scale. Is this a fair assumption? Will wirehouses have to soon start  training rookies just straight out of college? Pros will be needed but where are they all going to come from? Throw money around at big producers.  Boy, that's expensive. How about training some fresh talent?

Dec 4, 2009 2:57 pm

Many wirehouses are already doing just that.  I am a prime example though I am not right out of college (career change).  

Dec 4, 2009 3:35 pm

Proof.... Smith Barney/Morgan Stanley and Merrill Lynch opened up the FAA or PDP or whatever they call it (new hire) program this summer and really accelerated into the fall. They will have much larger hiring and training goals and budgets in 2010. That's already in the works.
FYI-  the 'retail wealth management' business is amongst the oldest in terms of gray hairs in any given career path in the US.  Why? Firms cutting back hard on hiring and development in the 90s, 2001-2002 and again slaying their benches in 2008-2009. 

Great for recruiters. Great for those waiting to pick up accounts from retiring brokers. sh*tty for the long term health of the business.  The average FA is something like 52+ and that's been going up for almost 10 years.


Dec 4, 2009 4:29 pm

Welp, since companies like Merrill Lynch killed there 5-8 year LOS producers with stupid comp plans in a horrible market, then, yes, I would say you are correct....time to pay salaries for a new, improved, batch of FA's.  I'm sure Sally has a plan.




PS: I knw I love comma's.  True, story.
Dec 4, 2009 4:47 pm
burtonfinancial1:

Proof.... Smith Barney/Morgan Stanley and Merrill Lynch opened up the FAA or PDP or whatever they call it (new hire) program this summer and really accelerated into the fall. They will have much larger hiring and training goals and budgets in 2010. That's already in the works.
FYI-  the 'retail wealth management' business is amongst the oldest in terms of gray hairs in any given career path in the US.  Why? Firms cutting back hard on hiring and development in the 90s, 2001-2002 and again slaying their benches in 2008-2009. 

Great for recruiters. Great for those waiting to pick up accounts from retiring brokers. sh*tty for the long term health of the business.  The average FA is something like 52+ and that's been going up for almost 10 years.


 
I think that the average age is good for young advisors entering the business because there will be a lot of turnover in the coming years again.
 
But I think this new batch better learn how to bang the phones again, like the old ones used to or they will be done real quick. 24-30yr olds don't have enough network to survive..
Dec 4, 2009 8:28 pm
BigBroker:

With veterans retiring, at least hoping to retire (some got creamed with the market downturn), assets up for grabs, and cash on the sidelines, this industry may soon have to start hiring again -- on a mass scale. Is this a fair assumption? Will wirehouses have to soon start training rookies just straight out of college? Pros will be needed but where are they all going to come from? Throw money around at big producers. Boy, that's expensive. How about training some fresh talent?





Biz the WORST reverse indicator.



The day UBS etc freaked and started firing everyone......you knew it was the gd bottom

Dec 4, 2009 8:29 pm
Spartacus:

Many wirehouses are already doing just that. I am a prime example though I am not right out of college (career change).





get your other job back or go to grad school.

Dec 4, 2009 10:04 pm
burtonfinancial1:

Proof.... Smith Barney/Morgan Stanley and Merrill Lynch opened up the FAA or PDP or whatever they call it (new hire) program this summer and really accelerated into the fall. They will have much larger hiring and training goals and budgets in 2010. That's already in the works.
FYI-  the 'retail wealth management' business is amongst the oldest in terms of gray hairs in any given career path in the US.  Why? Firms cutting back hard on hiring and development in the 90s, 2001-2002 and again slaying their benches in 2008-2009. 

Great for recruiters. Great for those waiting to pick up accounts from retiring brokers. sh*tty for the long term health of the business.  The average FA is something like 52+ and that's been going up for almost 10 years.


 
This trend is exactly what has me so excited about the next 10 years in our business! 
 
Economics 101: Supply and Demand.: There is the wave of Baby Boomers retiring that we all know so much about.  We have 2 massive market down turns in 10 years that have convinced even the most knowledgable professional that managing money is harder than we all thought.  We have fewer and fewer qualified advisors to give help.  Perfect storm for those of us who are around to provide the help.  Some on this forum fear our incomes being cut due the influence of the major banks and the do it yourselfers.  Nonsense.  Economics 101.  Supply and Demand.  The Golden Age of the Financial Advisor awaits.
Dec 4, 2009 10:38 pm
Shania Twain:
BigBroker:

With veterans retiring, at least hoping to retire (some got creamed with the market downturn), assets up for grabs, and cash on the sidelines,  this industry may soon have to start hiring again -- on a mass scale. Is this a fair assumption? Will wirehouses have to soon start  training rookies just straight out of college? Pros will be needed but where are they all going to come from? Throw money around at big producers.  Boy, that's expensive. How about training some fresh talent?



Biz the WORST reverse indicator.

The day UBS etc freaked and started firing everyone......you knew it was the gd bottom


Agree with you 100%..These clowns overreact to every market situation.  The day the training programs get started again (with its 2% success rate) is the day this market is done. 
 
I try to explain to people I know that are not in this business how screwed up it is and I dont even know where to start, but i do start then go into such a tangent of bs I have to stop and just say nevermind.
Dec 4, 2009 10:46 pm
CommonSense:

[quote=burtonfinancial1]

This trend is exactly what has me so excited about the next 10 years in our business!



Economics 101: Supply and Demand.: There is the wave of Baby Boomers retiring that we all know so much about. We have 2 massive market down turns in 10 years that have convinced even the most knowledgable professional that managing money is harder than we all thought. We have fewer and fewer qualified advisors to give help. Perfect storm for those of us who are around to provide the help. Some on this forum fear our incomes being cut due the influence of the major banks and the do it yourselfers. Nonsense. Economics 101. Supply and Demand. The Golden Age of the Financial Advisor awaits.





correct.