Broker Dealer Journal

Q: Why is it exciting that new regulations are being passed in the secondary market and how are they helping to clear up confusion? more »

If you are managing a broker dealer and recruiting new advisors is important to you, you have a very important question to address….Who is talking to your prospective advisors? more »

So you think you know marketing.

If your idea of brilliant marketing is putting a 4” x 4” ad in the local paper to advertise a seminar, you’re wrong. more »

There is a void in the capital markets world today. A small company that wants to “go public” is finding that accomplishing a public listing properly is a highly treacherous endeavor and often a seemingly impossible task. Worse yet, even if the public market listing is achieved, the results that are normally desired by such a move are not achieved.

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When financial advisors consider changing broker/dealers, they’ll often visit prospective firms to see who’s the best fit and most interested in them, and which ones can be crossed off their list. That makes planning and managing Home Office visits for advisor prospects a very big deal for a firm’s recruiting effort.

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The U.S. Supreme Court decided the case of LaRue v DeWolff, Boberg & Associates, Inc. on February 20, 2008. The unanimous decision declared that defined contribution participants can bring fiduciary breach lawsuits to recover individual damages

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Here is a better view of the background and experience of those who participated in our feature article, “The Hidden World of Headhunters.” Some recruiters had extremely diverse backgrounds and found rather circuitous routes to the financial services industry.
We think you’ll find them fascinating.
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When asked what they would change about their profession and about the industry, the consensus was to toss out the bad folks and reward the good ones. Compensation structures and B/D motives were also a topic of concern. Those who responded had this to say:

If you had the power to change your profession, what would you change?
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An industry visionary and innovator, Steve Barger is a pioneer of the modern financial services industry. He created the banking industry’s first financial services investor centers in the 70s, and led the marketing efforts of Shearson-Lehman Brothers in the 80s. He was the Director of Business Development and Training for Smith Barney in the 90s, and later as a senior executive with CitiGroup Financial Services he directed training and development for the largest financial services sales force in America. He is also a nine-time distinguished instructor at the Wharton Business School Securities Institute. Today, he mentors and coaches leading advisors and RIAs through his firm, The Barger Group. BDJ caught up with Steve between coaching sessions in his Prescott, Arizona office.

Steve, you’ve had quite a long and illustrious career. For more than 30 years you have championed for advisors and their clients. Tell us how you came to the industry.

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We’ve entered a recessionary cycle, and the volume of new business that financial advisors are able to generate has fallen off from a couple of years ago. As a branch manager, you’ve done your share of coaching and hand-holding of advisors on your team concerned about their clients’ assets, and the future of their practices due to declining revenues. The stress of a recession dragging may prompt your advisors to blindly duck for cover and slash any marketing and publicity efforts.
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