Displaying items by tag: recruiting

(New York)

Since the end of the Broker Protocol, it seems that many firms have shied away from recruiting. Especially at the senior level, but even at the junior level, firms have not been investing as much in recruiting. But that may be starting to change, as recent reports of increased recruiting activity have emerged, such as word today that Edward Jones is ramping it up. Edward Jones says it aims to hire 250 senior advisors from other firms this year. Additionally, there is some news out that Morgan Stanley and Merrill Lynch may be working on a so-called Broker Protocol 2.0.

FINSUM: This seems an encouraging sign on the recruiting front after a rough year. FYI Edward Jones is not part of the Broker Protocol.

(New York)

Like Morgan Stanley, Merrill Lynch is in the middle of a big bet on its wealth management unit The broker has decided to focus less resources on hiring senior advisors and more on training younger staff. Accordingly, its staff costs have shrunk despite growing its advisor base by 2%. By some accounts the early signs for the experiment are good, but it will take a long time to see how well it plays out.

FINSUM: The whole industry has a bit of an inheritance problem right now, since there are herds of baby boomer advisors who are set to retire in the coming years, and as yet, a dearth of young advisors to take their places.