Ryan Beck, a regional firm concentrated in the Northeast, is stepping up efforts to improve its name recognition and is also getting more aggressive in recruiting.
The firm is paying more in its transition packages, a signal that it's not just the wirehouses who are chasing the best available reps.
According to two industry sources, the firm is now offering 30 percent of a broker's previous trailing 12 months of production, with the potential for bonuses of an additional 40 percent over the next three years, depending on the rep's production at the new firm. The Ryan Beck offer also includes some back-end deferred compensation, although it could not be determined what percentage of the deal that comes to.
Packages are by no means “cookie-cutter,” according to private client head John Wyllys. Though he declined to cite specific numbers, he said the firm is tailoring packages individually. Ryan Beck currently has approximately 500 registered reps, and though it doesn't have a specific workforce growth target, it is continuing to look for more qualified reps to recruit.
The firm recently opened an office in Cherry Hill, N.J., focused on high-net-worth investors, and will continue to look for opportunities for more offices, Wyllys says.
“We certainly hope to grow and expand,” he says. “We may grow in ones and twos, and we may grow in larger numbers.”
Ryan Beck also has plans to launch a new ad campaign later this year. This comes on the heels of several new strategic initiatives, including a “managed ETF” program (which uses recommendations from the firm's investment strategy group) and new financial planning and estate-planning tools for reps.
The firm, headquartered in Florham Park, N.J., operates 33 offices in 13 mostly eastern states.