Forget the gossip by the water cooler. Furtive phone calls are so 2013. From now on, when you’re wondering about another advisor’s recruiting deal, you’ll be able to look it up, courtesy of AdvisorHUB.

“We’re bringing access and transparency to the financial advisor recruiting process,” says Andrew Parish, CEO of Columbus, Ohio-based AdvisorHUB. There are two arrows in the AdvisorHub quiver. One is a website,, which is free to the public. For $9.99 a month, financial advisors can see additional material such as an interactive map to view the locations of available positions.


Nevertheless, Parish anticipates most of the action will be in the second AdvisorHub product, a mobile app that was introduced early this year. “Advisors will want to see the deal terms,” he says. “For a one-time fee of $9.99, advisors have information from nearly 30 companies, updated weekly.” Wirehouse deals from Morgan Stanley, UBS, and Merrill Lynch will be available for inspection and comparison, along with recruitment offers from large regional firms.

Parish, who also is managing director of AdvisorHUB’s parent Axiom Consulting Group, a wealthmanagement recruiting firm, says that his experience and contacts in the industry provide him with the latest information on recruiting offers, which will be posted on both the website and the app. “We show the specific features of these deals,” he says, “providing information that hasn’t been easily accessible.”

For instance, a wirehouse deal might offer an advisor 330%-360% of trailing 12 months’ production. The AdvisorHUB app will break down the details: perhaps 150%-165% in upfront cash, a year 1 hurdle of 70% of former assets and revenues, a year 2 hurdle of 85%, and so on. Annual payout bonuses also will be revealed, as a percentage of production. For example, if the advisor has at least 70% of his or her former assets under management and has generated at least 70% of prior revenues after one year, another X% of trailing production will be paid in addition to the usual payout at the new firm.


Will such information be useful to advisors? One advisor who has looked at AdvisorHUB is Michael Kitces, partner and director of research at Pinnacle Advisory Group in Columbia, Md. Writing for his personal blog, Kitces notes that “there has been remarkably little information about the terms and details” of advisor recruiting deals, a situation that AdvisorHUB aims to address.

Responding to a question about the usefulness of AdvisorHUB’s data, Kitces asserts that “from a practical perspective, the primary value of AdvisorHUB is for brokers (especially those at wirehouses) looking to change to another broker-dealer (especially another wirehouse).” What about RIAs? “Given that there is basically zero movement from the RIAs to the wirehouse community,” Kitces says, “there’s really no relevance to AdvisorHUB for RIAs, beyond perhaps the sheer curiosity of seeing what’s happening on the ‘other side.’”

Advisors looking to change broker-dealers may want to know what recruiting deals are out there, according to Kitces, and that information might influence their decision about where to go. The AdvisorHUB data also can show whether an advisor is getting a reasonable offer from a broker-dealer, if the negotiation has proceeded that far.

“Say I’m thinking about leaving ABC brokerage to go to XYZ brokerage,” says Kitces, “and ABC is offering me a retention deal. I can use AdvisorHUB to see what XYZ brokerage might give me to leave, and I also can use AdvisorHUB to see if PQR brokerage might give me more than XYZ.” In addition, the AdvisorHUB data can be used to see how ABC’s retention package compares with outside recruiting deals, keeping in mind that switching firms might pay more but staying in place typically means less “work/stress/hassle/risk,” as Kitces puts it.

An advisor with a wirehouse has a slightly different take on AdvisorHUB. “We have seen RIAs join our firm recently,” he says. “Such moves might not be highly publicized but they do occur. Therefore, RIAs can use AdvisorHUB to see what their book might be worth to a wirehouse or a regional firm.”

This wirehouse advisor, who participated in the beta test of AdvisorHUB, calls the program revolutionary. “Most advisors don’t know what their practice is worth,” he says, “but now they can quickly get an idea of what the current deals look like.”

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