Wirehouses Stay Strong
"I think it's the same players as it always is," said Steve Rosen, co-founder of Rainmaker Associates. "You have the four major houses - Morgan, Merrill Lynch, Wells Fargo and UBS. From my end, there's been somewhat of a slowdown going into the boutique firms, the regional firms...I think the regionals had their best point when a couple of the major wirehouses were going through transitions and had problems. Now that a lot of those issues and problems have settled, that's slowed down."
Producing Managers Face Pressures
"The concept of a producing manager doesn't work," said Rick Peterson, president of Rick Peterson & Associates. "Brokers who work for a producing manager feel that the manager is going to steal all the accounts...Several years ago, we moved away from producing managers almost entirely with the major firms. It was basically because of compliance problems. The producing managers just didn't have the time to do everything expected of them, including produce, but also to do recruiting and all the other things involved in a manager's job. We're going to have the same problems with compliance that we had before because of their adherence to other issues instead."
New Models Make Waves?
"More models like HighTower and Dynasty will be born," said Mindy Diamond, president and CEO of Diamond Consultants. "In whatever form they are, they will figure out ways to incent advisor movement through transition packages to take some of the short-term sting away, to make it a turnkey solution, and to allow the advisor to offload the minutiae of running the business. The goal is to be more independent and have greater control, but not have to deal with the heavy lifting of the business."