• Home: Leading Financial Advisor Recruiting Firm
  • About Us
    • Meet the Team
    • Testimonials
    • Case Studies
    • Representative Deals
  • Services
    • For Financial Advisors
    • For Independent Business Owners
  • FAQs
  • Articles
  • Podcast
    • Industry Update
    • Independence 101 Series
  • In the News
    • Moves in the News
  • Tools for Advisors
    • Advisor Transition Report 2022 – NEW!
    • Merrill Information Hub
    • UBS Information Hub
  • Contact Us
  • Subscribe for Updates

Questions? Call us: 908-879-1002

Contact us...
Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
  • Home
  • About
    • Meet the Team
      • Mindy Diamond
      • Louis Diamond
      • Howard Diamond
      • Jason Diamond
      • Barbara Herman
      • Deborah Aronson
      • Wendy Leung
      • Cathy Nichols
      • Debbie Wallen
      • Allison Brunwasser
      • Joshua Tomolak
      • Shelley Muzio
      • Caryl Felicetta
      • Donna Riopel
      • Kelly Griffiths
    • Testimonials
    • Case Studies
    • Representative Deals
  • Services
    • For Financial Advisors
    • For Independent Business Owners
      • Sell-Side M&A Advisory
      • Consulting
  • FAQs
  • Articles
    • Subscribe for Updates
  • Podcast
    • Industry Update
    • Independence 101 Series
    • Subscribe for Updates
  • In the News
    • Moves in the News
    • Transition Announcements
  • Tools For Advisors
    • NEW – Diamond Consultants Advisor Transition Report 2022
    • Merrill Information Hub
    • UBS Information Hub
    • Other Tools
    • Subscribe to e-Newsletter

Regional Firms Are Killing It On The Recruiting Front…Why?

Diamond Consultants Articles for Financial Advisors

Regional Firms Are Killing It On The Recruiting Front…Why?

Posted by Mindy Diamond

By Mindy Diamond

Perspectives from the Raymond James Recruiting Partners Forum

As we wrapped up at the Raymond James Recruiting Partners Forum held at their corporate headquarters in St. Petersburg, FL on November 22, I found myself considering what accounts for the firm’s extraordinary success in recruiting.

RayJay reports that 2014 has been the second best recruiting year in its history (second only to the outlier year of 2008-2009 when all firms saw huge increases in their recruiting numbers). They are up more than 50% over FY 2013, and they have more million-dollar producers than at any time in their history.

Sure, RayJay has invested hundreds of millions of dollars in technology, they have a fabulous women advisors network, they own a bank (but aren’t owned by a bank), they have a 120 person marketing agency to support advisors, and they offer an omni-channel solution (advisors can join as W-2 employees, 1099 independents, or RIAs). Yet, a number of firms have these same characteristics.

So, what is the secret sauce? Frankly, I’m not sure there is one, yet I do believe that many advisors want exactly what a regional firm like RayJay “stands for.” Often beaten by a lack of control, too much bureaucracy and loss of faith in senior leadership, many wirehouse advisors are seeking alternative solutions. Some will find their bliss by going independent but a good number have already proven that a firm like RayJay with a strong culture and core values of putting clients first, integrity, and believing advisors are their clients will beat those offering the biggest transition packages.

While there may not be a “secret sauce,” Raymond James and other regional firms like Janney, RBC and Stifel may have found some of those ingredients that those who are not interested in the independent space look for. Ultimately, when exploring options, what an advisor values most will determine where he lands, so when culture is the hot button issue, the regional players will continue to kill it. And firms like RayJay will reap the benefits and continue to attract extraordinary talent.

 

 

You may also be interested in...

Share
0

About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

    Subscribe for Updates

    Get updated by email when a new article is added.


    Listen. Here. Now

    Recent News & Articles

    • As Wealth Managers Move To Diversify Customers’ Idle Cash, SVB’s Own Advisors Head For Exits
    • Financing Independence: A Lender’s Perspective on Breakaway Transitions, M&A and Succession
    • Winners and Losers: The Year that Was in the Wealth Management Recruiting Space
    • Recruiters Reveal Their Secrets On Cultivating A Robust Advisor Pipeline
    • What Really Makes Financial Advisors Happy?
    Schedule a Complimentary Consultation
    We're available to answer your questions. Contact us

    Connect with us

    Search

    © 2023 · Diamond Financial Consultants, LLC t/a Diamond Consultants. All rights reserved.*

    • Leading Financial Advisor Recruiting Firm:
    • About
    • Services
    • FAQs
    • Articles
    • Podcast
    • News/Media
    • Tools/Resources
    • Contact
    • Our Locations
    • Privacy Policy
    • Site Map