Looking to move? 2013 might be your lucky year. Several firms that have said they are seeking to bolster their advisor ranks this year, according to the New York Society of Security Analysts.
While there’s been no shortage of demand for talent at retail brokerage firms in recent years, experts like Mindy Diamond have said that 2013 should be a “robust” recruiting year.
“The firms that won big in 2012 will almost certainly continue their momentum in 2013 and beyond,” Diamond wrote in November. “No one has a crystal ball, but I can say with confidence that all of the elements are in place to make 2013 a more robust recruiting year.”
Jumping on the bandwagon, eFinancial Careers reported for the NYSSA’s Finance Professional’s Post that Edward Jones and Wells Fargo—as well as two international retail brokerage firms— are such companies that especially want to bring in new faces.
In particular, Edward Jones is looking to add 3,000 new financial advisors, 1,500 branch office administrators and 130 home office associates, a firm spokesperson said.
Wells Fargo will continue to expand its brokerage business in 2013, eFC reported. Wells Fargo Advisors’ U.S. presence reported that it now employs more than 15,400 advisors. Further, in the last year, the firm gained 151 advisors, according to its Q4 earnings report.
For those looking for positions abroad, Coutts & Co.—the Royal Bank of Scotland’s wealth management arm—is reportedly looking to expand in the Middle East, particularly within its newly opened Dubai office.
Marex Spection—a London-based broker of commodities products—is also planning to hire more staff, according to an interview of the firm’s new head John Wall. No specifics regarding staff acquisition strategies were discussed.
And although Morgan Stanley, Merrill Lynch and Raymond James shed advisors last year according to their Q4 earnings reports, that’s not reason to worry, as many of those “underperforming” advisors that were phased out of the wirehouses, smaller broker/dealers are actively recruiting such advisors, meaning they can find happy homes elsewhere.