The team-based approach has been all the rage lately among brokerage firms, especially as the larger ones focus more deliberately on wealth management and advanced planning that often requires the expertise of several people, rather than one individual.
Unsurprisingly, the trend is starting to reveal itself in recruiting.
Morgan Stanley, for one, has stepped up its recruiting efforts for its wealth advisor network. However, while firms are always looking to grab big-hitting teams for their offices, Morgan is also concentrating on recruiting individual producers to join groups of people to form teams that have more than $500 million in assets under management. The firm has been working more aggressively on this in the last few months, according to sources.
“One of the advantages with these teams is, the larger your team gets, the more you could have for syndicate stuff — and the more you use that, the more you get the next go-around,” says one recruiting professional.