Excluding the players in the World Series, there are many contenders for a baseball list that no one wants to be a part of…..

The toughest question for the general manager of any baseball team is whether to pull the trigger and offer a player coming off a big year a huge contract. No matter what fans think there’s no way to tell for sure if a player will continue at the top of his game after re-signing. The World Series features two teams, the Kansas City Royals and the San Francisco Giants, who eschewed off-season splurges and relied on smaller contracts and young, untested, players — particularly the Royals.

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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Mickey of Michael Wasserman & Associates
is honored to be a featured recruiter in the 2014 annual
onwallstreet Magazine’s Recruiters Roundtable.
Is it Time to Cut Your Best Deal?

feb-2014

 

 

 

 

 

 

 

 

Michael Wasserman & Associates is Ready to Help
“Accept nothing but the best… and you’ll get it!”

Our experienced recruitment team has identified existing and hidden opportunities for thousands of advisors.
We’ll introduce you, guide you, coach you & provide strategies to obtain “out-of-the-box” deals, and then help ease your transition.

All at No Cost, No Obligation and In Complete Confidence
There are Exciting NEW Opportunities to Explore

CALL: Mickey Wasserman 818-889-7804
www.hotbrokerjobs.com

source: onwallstreetmagazine

created by BlogItEdit.com

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Outsized Recruitment Deals Are Liable to Fade Away
by: Mickey Wasserman Wednesday, February 26, 2014

published in onwallstreet

The question isn’t whether or not FINRA and the SEC will require financial advisors to disclose the details of their compensation packages when they switch firms. The big question isn’t, “What will my clients think if they know how much money I’m earning to move my book of business?” Similarly, spending your time wondering what the maximum compensation you can receive as a recruitment bonus -without having to disclose it- is frankly, a waste of time.

Those questions are soon going to be an exercise in futility, as all indications are that the days of enhanced compensation, big bonuses and upfront cash to attract top producers may be going the way of the dinosaurs.
As such, the only question on any FA’s mind should be “When is this coming, and should I make a change now before the big deals dry up?” Because it’s not a question of whether or not the big recruitment deals are going to lose steam, it’s just a matter of how quickly they will begin drying up.
The reasons are varied and go beyond any new disclosure rules, and the wirehouses are publicly speaking up about their difficulties fulfilling the massive compensation packages they guaranteed. Make no mistake, for the past couple of years even the powerhouse firms have faced an uphill battle to keep their extravagant promises. That means that the 300%+ deals (and closer to 400% if deferred comp is matched) days’ are probably numbered. The 150% upfront cash proposals are not likely to survive the change. The days of buying FA’s out of their current contracts are simply no longer feasible.

The major factor that has driven deals up to their current exalted levels is the intense competition for a shrinking talented advisor population. Supply and demand has always ruled. But here’s the spoiler alert: these days it doesn’t look like we are very far off from the major wirehouse firms making a pact of sorts, to cap the recruitment deals. Recruiting has proven to be incredibly expensive for all of the players involved.
The major firms do in fact speak to each other, as evidenced by the Broker Protocol Agreement (2004) designed to stop the legal battles and temporary restraining orders that ensued when brokers jumped to a new firm. Prior to this agreement, the legal bills from all sides were, if you recall, ridiculous.

Although mergers, acquisitions, and the fickle nature of the industry had, at one point led many of the big players to offer attractive retention packages, these days it looks as if those may be going by the wayside as well. Brokerages seem to not only be tired of chasing one another’s top producers, they are tired of having to pay hefty retention fees, and recent statistics show that they aren’t necessary any longer. Turnover is down at all of the wirehouse firms.

At first glance this apathy towards retention and recruitment might look like it would lead to more turnover. Yet, there isn’t likely to be as much incentive to switch firms, if the monetary incentives just don’t exist anymore.
Please understand that recruitment deals will never entirely go away, but it’s today’s top deals that will be challenged. Whether the big deals start to dry up in 2014, or 2015, is anyone’s guess. But rest assured, they are poised to decrease over the coming months and years.
So if you’re an FA looking for a big recruitment bonus, it’s best that you make a move sooner than later. Because things are about to change, and the clock has already started ticking…with big recruitment deals living on borrowed time.

Michael Wasserman & Associates is Ready to Help
“Accept nothing but the best… and you’ll get it!”

Our experienced recruitment team has identified existing and hidden opportunities for thousands of advisors.
We’ll introduce you, guide you, coach you & provide strategies to obtain “out-of-the-box” deals, and then help ease your transition.

All at No Cost, No Obligation and In Complete Confidence. There are Exciting NEW Opportunities to Explore

CALL: Mickey Wasserman 818-889-7804
www.hotbrokerjobs.com

It’s Your Future ~ Let’s Make It Happen

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Morgan Stanley Smith Barney has announced that John J. Mack, Chairman, will step down at the end of the year.  James Gorman will replace Mr. Mack.

Mr. Mack, 66, is a well known Wall Street leader.  He has worked for Morgan Stanley for many years, starting as a bond salesman and eventually became the firm’s president.  John Mack left the firm in 2001 after a dispute with Philip Purcell.  

Mr. Mack became chief executive at Credit Suisse First Boston, and then later became CEO of the parent company, Credit Suisse Group.

In 2005, the Morgan Stanley board asked Mr. Mack to return as chief executive. 

According to an article in On Wall Street magazine, Mack said, “Helping to lead this great firm, most recently as Chairman, was the greatest honor of my career.  However, I made clear back in 2009 that I would serve in the Chairman role for two years and then move on.  Now that time has come.”

Presently, James Gorman is the chief executive officer and president.  Morgan Stanley’s board of directors has elected him to Chairman effective January 1, 2012 in addition to his present titles.  This was an expected change.

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This poem is devoted to the brave men and women who perished ten years ago. 

Please take a moment to read, reflect and honor them.

We Shall Never Forget (9-11 Tribute)
Let the world always remember,
That fateful day in September,
And the ones who answered duties call,
Should be remembered by us all.

Who left the comfort of their home,
To face perils as yet unknown,
An embodiment of goodness on a day,
When men’s hearts had gone astray.

Sons and daughters like me and you,
Who never questioned what they had to do,
Who by example, were a source of hope,
And strength to others who could not cope.

Heroes that would not turn their back,
With determination that would not crack,
Who bound together in their ranks,
And asking not a word of thanks.

Men who bravely gave their lives,
Whose orphaned kids and widowed wives,
Can proudly look back on their dad,
Who gave this country all they had.

Actions taken without regret,
Heroisms we shall never forget,
The ones who paid the ultimate price,
Let’s never forget their sacrifice.

And never forget the ones no longer here,
Who fought for the freedoms we all hold dear,
And may their memory never wane,
Lest their sacrifices be in vain.

Alan W. Jankowski

http://www.9-11heroes.us/911-memorial-poem.php

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Whatever happened to the stampede to indie from the wirehouses?  According to an article in Registered Rep magazine, “the switch from the wirehouse model to independence will be an ongoing but slow trend. Cerulli Associates expects the wirehouse channel to lose 1 to 2 percent of its market share of assets per year.” 

So, who is going independent?  According to the survey in the Registered Rep article; the average IBD has about 19 years in the business, about $ 47 million in AUM and an average production of about $ 360,000.  The article points out that there are two types of advisors that are leaving the wirehouses and going independent.  “The first kind are advisors who are essentially encouraged to leave,” due to low production quotas.

The second type of advisor going independent is a FA with a well-established professional practice who desires to have more control of his practice.  This FA also has a sizable practice without any problems of generating any revenue.

The data from Cerulli Associates suggest that the migration to the indie side does continue, “but it’s a trickle rather than a flood.”  The wirehouses need to remain vigilant about recruitment because a trickle of water soon becomes a stream and the stream a torrent, and the torrent a flood.

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Bank of America has announced that they will hire 500 additional Financial Solutions Advisors (FSA) by year-end.  These FSAs represent Merrill Edge, the platform built to combine the banking strength of Bank of America and the investment strength of Merrill Lynch.  The FSAs will be located in select banking centers, including Los Angeles, San Francisco, New York, Washington D.C., Dallas & Charlotte.  The FSAs will serve Bank of America’s preferred customers that have between $ 50,000 and $ 250,000 of investable assets.  According to Bank of America, there are 8 million investors in this category and they have total assets worth more than $ 5 trillion.

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