Recruiters' panel: What advisers making a move should expect now

Published
  • June 06 2017, 3:41pm EDT
The recruiting landscape has changed dramatically over the past 18 months. The nature of the competition between large and small firms have evolved. Meanwhile, the fiduciary rule and the Department of Labor's additional regulatory guidance shook up how firms structure transition packages.

To better understand the impact of recent changes on broker recruiting, training and other trends, On Wall Street convened top industry recruiters. Scroll through to see their insights.

The recruiting landscape has changed dramatically over the past 18 months. The nature of the competition between large and small firms have evolved. Meanwhile, the fiduciary rule and the Department of Labor's additional regulatory guidance shook up how firms structure transition packages.

To better understand the impact of recent changes on broker recruiting, training and other trends, On Wall Street convened top industry recruiters. Scroll through to see their insights.

"A lot of very large teams moved last year, and from today’s perspective, [it] looks like their timing was pretty good." Bill Willis, president and chief executive of Willis Consulting

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"I think that DOL rule and those [FAQs] that came out really were like a lightning bolt to the industry." Elizabeth McCourt, founder of McCourt Leadership Group

"I think the really destructive thing about a Department of Labor staffed with people that collectively had zero years of experience in the business world is that in my view they were very heavy-handed, and they were basically trying to force wirehouses to convert themselves into giant RIAs." Mark Elzweig, principal of Mark Elzweig & Co.

"I truly believe that in the next five to seven years it’s going to be a salary-based business and commissions are going to be done away with altogether." Mickey Wasserman, founder and president of Michael Wasserman & Associates

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"Since the mortgage crisis, we’ve seen a wave in over-compliance, more compliance and it seems to be spreading." Steve Rosen, founder of Rainmaker Associates

"I think the most prudent strategy for advisers coming into the business is to recognize that they still have a tremendous opportunity ahead of them with many options because there’s a critical short supply of advisers." Mickey Wasserman, founder and president of Michael Wasserman & Associates

"I think it’s really important particularly in this market that you’re getting referral business from the right kind of clients, the clients that you’re targeting." Elizabeth McCourt, founder of McCourt Leadership Group

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"The best individuals and teams are able to talk about their process: How are they doing? How do they deal with the client? How do they support that client? How do they develop new business?" Bill Willis, president and chief executive of Willis Consulting

"From my experience, a vast majority of advisers are always more concerned with what am I getting now, not what am I getting in year four." Steve Rosen, founder of Rainmaker Associates

"Markets change, grids change, compensation plans change, managers change. We’re always in a state of flux. How should advisers approach the deal table? I think they should first of all look at the competition." Mickey Wasserman, founder and president of Michael Wasserman & Associates