If I can distract you guys from the Forefront thread for a few minutes I’d like some insight on making a move via a recruiter.I'm a bank rep and have been for the last two years. I cover one small branch in a small but affluent community. The investment book is small - approximately 20MM of which, almost exactly half is in some type of annuity product in the latter stages of surrender. The rest of the assets are in various funds and etfs. Branch deposits are decent - around 80 million (although this does include the investment book). Primarily because of location (outskirts of town/on the way into town), this branch has the least amount of foot traffic/deposits compared to other banks in this community. My first year end production number was 277,000. This year it looks like I'll finish just shy of 300,000 - figure any where from 295-297,000 - including trails based on my projection. I've recv'd calls in the past from recruiters but for various reasons (buying a house, having a baby, etc) I didn't think it was the right time to even consider a move. But now that things have settled at home, and the clients who are seemingly my own have been identified, I decided that I would listen next time a recruiter calls. I've worked as an assistant in a wirehouse during college. Although eventually I wouldn't mind one day joining a wirehouse, I currently intend on staying in the bank channel. So for those who've been around the block on this topic, tell me about the process and what to expect. Specifically: 1. Are my production numbers based on years of experience and AUM good enough to be pursued by other firms? 2. Assuming the answer to #1 is yes, what % of my assets would be expected to be moved over if I did leave? 100% would be great but we all know that is doubtful. What is typical? 3. How does leaving one firm and going to another work in terms of the non-compete clause? 4. How cautious should I be about the recruiter that approaches me? Are these guys dirt bags just looking to make a buck and relatively useless or do they earn their pay and are worth utilizing? 5. What questions should I absolutely not forget to ask the recruiter about the prospective opportunity? I don't expect anything will happen as I close out 09, but maybe around 2nd quarter? I'll keep you posted if anything occurs but in the meantime I appreciate your insight and answers to these questions.
Not to insult either of you, but I doubt any internal firm or external - independent- recruiters are going to matter either way. At $20M coming from a bank, you’ll be hard pressed to find a good recruiter who’d have anything for you or want to spend their time on you. They chase bigger fish in today’s market. If you were doing $800k at the bank and had $50M that you absolutely positively bring with you, that’s another story. You do understand how recruiters, and for that matter, how a BM who may recruit you gets paid right?