In this section we present key findings and insights from our survey questions on practice management and operations, including services offered, the most time-consuming activities, professional designations, custody relationships and documentation trends.
A shaky market environment in 2004 didn't stop the largest brokerage firms from fighting tooth-and-nail for the best reps, and, heading into 2005, similar rules apply. This year, firms are expected to get more creative in the courtship process...
As effective as cost-cutting can be, there comes a point in every business diet when there is no more fat to cut. Such is the case now in the brokerage industry.
The image of the strong, silent loner is a powerful one in this country, but it loses some of its potency when applied to the modern brokerage industry as Ray Ferrara can attest. Ferrara started out his career as a solo practitioner in Clearwater...
November's news that Bob Mulholland was leaving Merrill Lynch wasn't entirely a surprise. He had been co-head of the 14,000-strong retail brokerage unit, but Merrill insiders figured all along that only one boss would prevail. The news is...
Success in the brokerage industry can be as much about mindset as anything else, so it comes as little surprise that advisors avoid negative thoughts, such as the potential necessity of a quick exit from their practice. At the same time, numerous...
Gary Hager leaves nothing to chance, especially when prospecting for new small-business clients. His efforts start with brainstorming sessions he holds with existing accounts, whom he asks for names of associates to approach. But before making any...
The calls started not long after Doug Charney completed a comprehensive investment plan for a new client, a young man who had recently come into a sizable inheritance. We put all kinds of time into it, the Harrisburg, Pa.-based Wachovia Securities...
An A.G. Edwards broker recently found himself in the midst of a competitive conversation of the sort that is likely to become more common among high-net-worth advisors. The exchange began when the rep took a call from an advisor at a rival firm a...
The fabled, massive wealth transfer the Holy Grail of the financial services industry. Back when economists were simply talking about what the WWII generation would pass on to its baby boomer children, they estimated that $10 trillion would change...
My, how times have changed. What Peckham used to do as a manager all by himself takes six people now. While he still has a prominent role in helping advisors build their practices, compliance issues have encroached on many parts of Peckham's job...
