I'm getting the impression recruiting deals

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Dec 12, 2008 11:59 am

are about over.  Nobody wants to talk to our office until mid-January.  We have a team of 5 doing about $1.7 ttl.  I guess that is no longer attractive.

Dec 12, 2008 12:27 pm

For 5 people, at an average of $340k per advisor, that doesn't seem too attractive...

Dec 12, 2008 1:23 pm
snaggletooth:

For 5 people, at an average of $340k per advisor, that doesn't seem too attractive...

Plus ... your name's cobra
Dec 12, 2008 3:19 pm

Recruiting deals are not about over. BUT, the environment has changed big time in the last 2 quarters.  An FA doing $350k had far more choices and got a decent 'deal' earlier this year.
Now, that guy's getting heavily discounted if he can even get anyone's attention and it's the $500k FA who's getting the decent deal. Keep in mind, Mr. $500k FA WAS $600 or $700 just last June.  You've got to be $750k+ to be treated like a big boy in this market. Firms are not stupid although they try very hard to be so.   I suspect it'll continue to tighten up into Q1 09'.

Dec 12, 2008 3:36 pm
UNDERMINDED:
snaggletooth:

For 5 people, at an average of $340k per advisor, that doesn't seem too attractive...

Plus ... your name's cobra


That was funny as hell.

Dec 15, 2008 3:53 pm

If you are wanting to move, and you are...

LOS less than 5 years - you need to be above 250K T12 (personal - not team)to move anywhere that pays more than 200% trans packages

LOS greater than 5 years - you need to be above $500k (personal - not team)to move anywhere that pays more than 200% trans packages

Dec 15, 2008 3:57 pm

The above information is only applicable if you live in a major market area, ie:
California, New York, Florida, Charlotte, etc etc


If you are in Podunk, USA or Bumf**k, Egypt... you could probably get a trans package even if you charge your clients in peanuts.

Dec 15, 2008 8:40 pm

Super is pretty accurate.



Also know that FINRA shuts down last 2 weeks of the year and most firms are trying to on-board folks who have deals outstanding.



Talk to some BOM's in JAN - the deals will be there they just will not be the superdeals we say in 08. and 5 people is way too much with that production, if you have rookies on the team leave them behind.

Dec 16, 2008 5:00 pm

$1.7MM is good solid business. Now go ax 3 of your 5 team members!

Dec 16, 2008 5:51 pm

well, I have 2 offers coming tomorrow, so we will see how the deals look.

Dec 16, 2008 9:44 pm

UBS and MS will each match offers at 2.5x over 1.5MM in production.......deals may slow down and even come down but they'll be back before you know it.


 
 
Dec 16, 2008 11:26 pm

FINRA does not shut down the final two weeks for individual transfers. You can transfer up to Dec. 26th. Check their site - it has all the dates and deadlines

Dec 17, 2008 9:22 am
WSxAG:

FINRA does not shut down the final two weeks for individual transfers. You can transfer up to Dec. 26th. Check their site - it has all the dates and deadlines



He speaks the truth.

Dec 17, 2008 1:30 pm

I just helped a broker with T-12 of 1.4m get a 265% deal with 175% cash up front.  Thanks again ML for running your brokers out the door