Through the eyes of a recruiter
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Cheers!
Ok, welcome aboard...
Which wire is actually trying the hardest to improve their workplace experience?
Which indy "gets it" the most right now, and why?
Who should go from firm to firm, and who should really go indy instead?
What is the ideal profile of a rep that a "firm" is looking for? Likewise for indy?
No flames here, Bigfirepower is only for smacking a ball with 390 something dimples...
Ryc, nice answers, interesting. Clearly you know the biz. I'm Indy, with one of the firms you mentioned. Being indy is really rewarding for my group. I'd agree that it isn't for everyone. You need to be a multi tasker, be able to do your own books, basically mind the store along with doing production. Boredom is also an issue, as the transition cuts out the "busy work" of your life. Finding 15-25 hrs per week can actually be a mixed blessing. Right now, we're trying to fill that gap by creating strategic alliances with a local insurance company, and me doing more in the way of networking.
Ryc, do you know anything about what is going on in legal battles these days? How prone to arbitration are folks making transitions, what are some of the new tactics and strategies being employed by folks that are leaving, and the firms that were left behind?
I have always wondered how your compensation as a recruiter is determined...
1. AUM that transfers?
2. t-12 of broker
3. Does it matter what firm? i.e. does Wells Fargo PCG pay more than LPL
4. If a check is offered do you get paid based on the upfront money negotiated?
Just curious
RYCruiter, I am trying to get in touch with you, I messaged you. Go to your profile and check new messages.
Good stuff Rycruiter
I have sent Rycruiter a few PM's this week and have probably learned more from him than 6 months of reading this forum in terms of the switching firms/recruitment side of our business.
Good question palmpre, I have always wondered how recruiters were compensated as well.
Ryc, do you know anything about what is going on in legal battles these days? How prone to arbitration are folks making transitions, what are some of the new tactics and strategies being employed by folks that are leaving, and the firms that were left behind?
To answer question #1 in a nutshell: Yes. Which is why I am going to respectfully decline from answering questions #2 and #3b.
As far as tactics/strategies by FA's leaving, the best ones would involve hiring an attorney.
Oh come on, not this sh#t again...
Ryc, if you're going to punt on an area that important, legal, I'm not sure what kind of value you bring with your "eyes"...
You can clearly share thoughts, experiences, stories about that, without playing attorney.
Reminds me of an old old Byrds song, " I wanna grow up, and be a politician ... ".
If anonymous recruiters have become PC, "Ameerrka" is forked. The advisor change industry is such a racket.
Ryc, do you know anything about what is going on in legal battles these days? How prone to arbitration are folks making transitions, what are some of the new tactics and strategies being employed by folks that are leaving, and the firms that were left behind?
Rep's are prone to having a TRO slapped on them or being sued by their firmer BD if they violate the provisions of their contract. Normally one is not allowed to solicit clients for up to 1 year form their previous firm. The beauty is, your clients have the right to work with the advisor of their choice. If you send out announcement letters, very generic and no solicitation, the client will normally call you to ask what's going on. If a client calls, you can answer all of their questions and if they want they can open an account at your new BD and transfer the assets over. It's the decision of the rep how aggressive they want to be. Follow you contract to the letter of the law and you'll stay out of harm's way, violate it repeatedly and disregard any cease and desist letters and pay for it.
There are contracts that forbid even announcing your presence... even in an all inclusive zip code mailing. So, what about that?
Alright, I'll go to bat here. My experience is that about 15% of advisors at W/Hs will seriously have to worry about TROs. It TRULY depends on your individual circumstance; how big your accounts are, who your branch manager is, what state you're in and what firm you're at.
It's a crap shoot if you're coming from a bank. Because they operate on thin margins, they obviously want their business.
Being independent means not dealing with these f***ing headaches.
Is that good enough for you?
Bully60 gave a decent answer. I would emphasis the "generic" part. Sometimes including your phone number in the body of the letters can be enough to make your ex firm go to battle.