Your clients will get the following letter when you change to a new firm:

Issues to consider when your broker changes firms
You’re receiving this notice because your broker has changed firms. If you’re thinking about whether to follow your broker or stay with your current firm, it’s a good idea to examine key issues that will help you make an informed decision. A good relationship with your broker is surely valuable to you, but it’s not the only factor in determining what’s in your best interest.
Before making a final decision, talk to your broker or someone at your current firm about the following questions, and make sure you’re comfortable with the answers.

Could financial incentives create a conflict of interest for your broker?
In general, you should discuss the reasons your broker decided to change firms. Some firms pay brokers financial incentives when they join, which could include bonuses based on customer assets the broker brings in, incentives for selling in-house products or a higher share of commissions. Similarly, some firms pay financial incentives to retain brokers or customers. While there’s nothing wrong with these incentives in either case, they can create a conflict of interest for the broker. Whether you stay or go, you should carefully consider whether your broker’s advice is aligned with your investment strategy and goals.

Can you transfer all your holdings to the new firm? What are the implications and costs if you can’t?
Some products, such as certain mutual funds and annuities, may not be transferable if that’s the case, you’ll face an additional decision if you follow your broker to the new firm: whether to liquidate the non-transferable holdings or keep just these holdings at your current firm. Either way, there couId be costs to you, such as fees or taxes if you liquidate,
or different service fees if you leave some assets at the current firm. Your broker should be able to explain the implications and costs of each scenario.

What costs will you pay, both in the short term and ongoing if you change firms? In addition to liquidation fees or taxes if you sell non-transferable assets, you may have to pay account termination or transfer fees if you close your current account , or account opening fees at the new firm.(Even if the new firm waives its fees as an incentive to transfer, that wouldn’t reduce any transfer or closure costs at your current firm.) Moving forward, the new firm may have a different pricing structure for maintaining your account or making transactions (such as fee-based instead of commissions ,or vice versa),which could increase or lower your account costs.Your broker should be able to explain the pricing structure of the new firm and how your ongoing costs would compare.

How do the products at the new firm compare with your current firm?
Of course, not all firms offer the same products. There may be some types of investments you’ve purchased in the past or are considering for the future that aren’t available at the new firm.
If that happens, you should feel comfortable with the products they offer as alternatives If you tend to keep a lot of cash in your account, ask what investment vehicles are available at the new firm for the cash sweep account and whether the interest rate would have an effect on your return.

What level of service will you have?
Whether you follow your broker to the new firm or choose another broker at your current firm, consider whether you’ll have access to the types of service, support and online resources that meet your needs.

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Recruiter’s Roundtable

Posted by admin in In The News on February 12, 2015 - (0 Comments)

Follow Mickey Wasserman in action as one of the leading voices in the recruiting industry; someone you can count on to understand the current marketplace and identify the strongest opportunities for you.

Talent Hunt
04/01/2016
 
 

Recruiters Panel: What’s Your
Move?
02/01/2015

Recruiters to Advisors: Cut Your Best Deal Now, 02/01/2014

Competition for Talent in Wealth Industry Stays Strong, 02/01/2013

The Year of Movement, 01/01/2012

The Business of Behavior, 01/01/2011

The Business of Behavior, 01/01/2011

Hire Power, 01/01/2010

Hire Power, 01/01/2010

The Power Issue, 01/01/2009

The Power Issue, 01/01/2009

Movers & Shakers, 01/01/2008

Movers & Shakers, 01/01/2008

Talent Brokers

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The Hire Authorities

Read full article here

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$1.2B Team Jumps to Merrill Lynch

Posted by adaniels in In The News on February 12, 2015 - (0 Comments)

Merrill Lynch recruited a team from Morgan Stanley that managed $1.2 billion in client assets.

The nine-person team, led by Bruce Munster, generated $5.8 million in annual revenue while at Morgan. They join Merrill’s elite Private Banking & Investment Group in Century City, Calif., where they report to Michael Rogers, managing director.

A top producer, Munster was recently featured as No. 7 in On Wall Street’s annual ranking of the Top 40 Advisors Under 40.

Read full article here.

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Advisory firms and recruiters weigh in on their 10 best interview questions and answers when hiring advisors.

What can you tell me about yourself?

Mickey Wasserman, founder and president of Michael Wasserman & Associates, Agoura Hills, Calif.

“Perhaps the oldest job interview question, but it’s still the most powerful. While prior measured accomplishments are the best predictor for future success, this open-ended question separates the great FA from the merely good FA. A good response gives me a glimpse of the candidate’s poise and communication skills. I want to learn about their work ethic, vision, passion, family, humility, community involvement, goals, stability, etc. The best response includes language about serving clients. The worst response is non-communication, uncomfortable silence, folded-arms, and defensiveness.”

 

See full slide show here.

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Recruiters agree that Raymond James and Morgan Keegan are a cultural fit, but how Morgan Keegan’s financial advisors react to those retention bonuses will be key to whether they stay.

See full slideshow here.

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Raymond James Rising

Posted by adaniels in In The News on February 1, 2012 - (0 Comments)

New RJA President Tash Elwyn takes the helm and Morgan Keegan advisors sweep in……..Tash Elwyn’s job just got more complicated.

Read full article here.

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Julianne Wasserman Vice President & Senior Financial Advisor Recruiter, MICHAEL WASSERMAN & ASSOCIATES

  • Understanding the current financial industry work environment
  • Compensation and transition Packages being offered
  • Competitive intelligence on matching an advisor to a particular firm
  • Achieving “back end” bonus incentives that reward raised asset levels in the wirehouse world and how to assess the long term benefits of independence

 

Click here to open article and listen to podcast.

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UBS Wealth adds 24 advisers, 10 from Morgan Stanley, 4 advisers from Merrill Lynch, 4 from Wells Fargo

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The Hire Powers Speak Out

Posted by adaniels in In The News on January 1, 2010 - (0 Comments)

Identity, 300% deals, force of personality. Which firms have the most fire power? Our Recruiters Roundtable has the answers for you.

Read full article here

 

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Barclays Hires Goldman Advisor

Posted by adaniels in In The News on November 25, 2009 - (0 Comments)

Barclays Wealth has hired Richard Comeau to join its New York office. Comeau, who has 20 years of industry experience, was most recently at Goldman Sachs.

Read full artilce here

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