A Recruiters Role

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Aug 9, 2006 7:16 pm

First post, go easy.


Question, I have been approached by a Top 3 Indy for the position of Recruiter.  Two questions.


What impact does/can a recruiter actually have on your decision?


Is this an "easy" position?  Harder than starting from scratch and building a advisor's book of business?



thanks...

Aug 10, 2006 8:44 am

Are you being recruited to be a recruiter, or being recruited by a recruiter?

Aug 10, 2006 9:22 am

Indy HQ is looking for a recruiter in the area.  I would be recruiting reps...

Aug 11, 2006 10:53 am

Issues to consider:


Compensation structure, salary,bonus or commissions.


Competition: How many other in house or outside recruiters are you competing with.


Stability: Is this a newly created position, if not what were the issues and or reasons for the position being available.


Recruiting is sales with no cap on income. There are many in the industry who have poor reputations; you will need to stand out from the crowd by listening more than talking.




Aug 11, 2006 1:06 pm

Succcessful reps. are very wealthy people.  They know all the other successful reps in their area.  They are busy people with LONG TERM relationships.  Wholesalers are lucky to get a call thru and they buy nice lunches.


I see you as someone who has little experience (forgive my honesty) that does not mean you are a bad person---it just means you have a snowballs chance in hell of actually talking to ANY rep in my office---let alone actually recruiting one.


You will probably be expected to make 200 to 250 phone calls a day, most of the reps will hang up.


Shoveling elephant waste at a circus would be a less stinky job.

Aug 11, 2006 2:27 pm

"it just means you have a snowballs chance in hell of actually talking to ANY rep in my office---let alone actually recruiting one"


Do you really believe the reps in your office will admit to taking recruiter calls? Of course they hang up when someone is in their office.



I speak with and have moved large producers in Manhattan, Beverly Hills, Menlo Park, Denver and small communities like Birmingham, Alabama and Bakersfield California just to name a few.



I know it is a stinky job but someone has to do it. No compliance manager to deal with either.

Aug 11, 2006 2:58 pm
vbrainy:

You will probably be expected to make 200 to 250 phone calls a day, most of the reps will hang up.


That's a hell of a lot of calls...

Aug 11, 2006 3:31 pm

Vbrainy,


Wow-quite a statement.  Not sure what you mean by that...


Experience in production?  Is that what you mean?  If so, you are correct in your assumption.


However, consider the follwing


13 years in the business


BS Economics


MBA in Finance


Series 7, 8, 16, 24, 63 and 65


Been quoted in the Washington Post, Chicago Tribune, Sun-Times, Crain's.   Appeared LIVE on Bloomberg TV and radio, as well as many local TV and radio market related stories.


Based on my "experience", most top producing brokers couldn't give a "sh*t" about their Branch Manager, they mostly tell them to get the F out of their office and to stop bothering them. 


Or the ones that listen are new to the business and you can still "bully" them for a little while.


my thoughts...

Aug 11, 2006 4:11 pm
vbrainy:

Succcessful reps. are very wealthy people.  They know all the other successful reps in their area.  They are busy people with LONG TERM relationships.  Wholesalers are lucky to get a call thru and they buy nice lunches.


I see you as someone who has little experience (forgive my honesty) that does not mean you are a bad person---it just means you have a snowballs chance in hell of actually talking to ANY rep in my office---let alone actually recruiting one.


You will probably be expected to make 200 to 250 phone calls a day, most of the reps will hang up.


Shoveling elephant waste at a circus would be a less stinky job.



15% of dealer licenses turnover per year. About 50% join another firm, recruiting is steady work and the only thing that is certain are dealers trying to claim less is more to production. Most established recruiters do little cold calling, it's a networking job. Because the tickets are large it's closer to real estate sales than anything else emotionally. A 500k producer is a 30k fee + or - a certain amount.


All jobs come at a price. The downside I see is that there is no recurring income and everyday is like the day you start to some degree. You're as good as your last deal, that gets frustrating. A low equity business makes for cheating and double dealing.




Aug 11, 2006 4:34 pm

If you're an internal recruiter with an independent BD, you will receive a % of actual production for 12-24 months, usually in addition to a certain % up-front based on verified production when hired.