Barbara Herman Quoted
By Murray Coleman
After years of promoting growth from within, regional broker-dealer Janney Montgomery Scott is boosting recruiting bonuses for new advisors. But it’s not shooting for a big bump in headcount. Rather, Janney is taking a targeted approach — hoping to lure top producers from national brokerages, mainly on the East Coast.
“It’s a smart move on their part,” says Barbara Herman, a recruiter at Chester, N.J.-based Diamond Consultants. “Janney’s improved transition package means it remains one of the most competitive among major regional brokerages.” National broker-dealers offer plumper back-end recruiting bonuses, she points out, which typically are stretched over several years and awarded only if advisors meet certain asset and production hurdles. But Janney’s beefed-up package should give the firm more ammunition in competing for top performers, says Herman, by putting more money on the table up front.
