In a recent InvestmentNews webinar Jodie Papike spoke about recruiting in 2014, what advisors are looking for in an Independent Broker Dealer relationship, and what is pushing advisors to switch Independent Broker Dealers.
When asked what the most successful Independent Broker Dealers are doing to attract quality advisors Jodie Papike said-
“As advisers have more options than ever in terms of how to affiliate, the pressure is on for small and midsize broker dealers to distinguish themselves. Without the large recruiting bonuses or slickest technology platforms, competing in the marketplace requires smaller firms to come up with a value proposition that stands out. Successful broker dealers have developed what their niche or value position is and they’ve figure out how to attract that kind of adviser, they have a recruiter in place who has figured out how to communicate the value proposition to the appropriate marketplace in a way that gets people’s attention, and it is different than what everyone else is doing.”
Flexibility is another topic that was discussed as many Independent Broker Dealers are getting creative in order to have success. Much of the flexibility comes from the way that advisors are affiliating with Independent Broker Dealers now.
“There are so many question marks and so many gray areas when it comes to whether someone is going to develop an RIA, and stay with the broker dealer and be a true hybrid, or break away completely, or use the broker dealer’s corporate RIA. Firms are figuring out that if they can come up with a solution and are flexible, they’re going to attract more advisers. As a result, giving advisers more choice with a hybrid model has been a boon for smaller broker dealers. The adviser may not affiliate in the way that is the most profitable for the firm, but it is a sacrifice that firms are making to recruit and retain top talent.”
For the full transcript of the webinar please visit- http://www.investmentnews.com/article/20140113/FREE/140109913