Not Without a Fight: Branch Managers Contend for Top IBD Advisors
Barbara Herman Quoted
By Susan Konig
Years ago, the wirehouses didn’t consider independent broker/dealers a threat to their business—but rather the place unsuccessful brokers go when they fail at their firms. But today the wirehouses are losing some of their largest and most-coveted corner-office teams to the independents. Wirehouse branch office managers, however, aren’t giving up without a fight. Some are taking a page from the independents themselves to lure and keep top talent.
“Until fairly recently, the wirehouses viewed independent b/ds as little more than nuisances when it came to attracting top talent,” said Barbara Herman, senior vice president of Chester, N.J.-based recruiters Diamond Consultants. “But, it’s clear they are now seen as very formidable competitors, and at a time when this whole industry faces a potential advisor shortage.”