Morgan Stanley has joined Merrill Lynch and UBS in trading the practice of paying recruiting bonuses to experienced producing advisors for a strategy that instead focuses on trainees, junior advisors, call center advisors, digital advisors, and robo advisors.
The wirehouses new recruiting mantra is to “Step over Mentors to pick up Millennials.”
The wirehouses multi-billion forgivable loan balances has wirehouses moving to a “Juniorization” process where the experienced advisors are being replaced with the inexperienced and inexpensive.
If you’re a quality, seasoned advisor in your 40s or 50s, with annual revenue over $500K, then the wirehouses are more interested in recruiting your kid out of college than you.
Do you have grey hair, no hair, or wrinkles? They don’t want to recruit you. Have you been through recessions, been around the block, and learned a few things along the way? They still don’t want to recruit you. Do you have over $50MM AUM? Then they especially don’t want to recruit you.
Don’t worry, even though the wirehouses don’t value you as a recruiting prospect anymore, the rest of the industry does.
Advisorbox works with a host of firms that will pay for the value you bring AND keeps you from culturally jumping from the frying pan to the fire like moving from a wirehouse to a wirehouse.
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