Statistics Related to Broker Recruiting Are Encouraging
Posted on December 5th, 2013 at 2:00 PM
According to Mark Elzweig, a broker recruiter, advisors “are still in the driver’s seat.” Here is what he says, as of the end of October, to justify that conclusion:
- Wirehouse firms are paying upfront money of 100% to 150% Trailing-12. The total package provided ranges from 200% to 300%, with the length of the forgivable loan (promissory note) being 9 to10 years. At most wirehouses, the welcome mat comes out at $500,000 in gross production.
- High end boutiques pay upfront money of 100% to 125%. The total package provided is from 125% to 200%, with the length of the forgivable loan being 7 to 9 years.
- Regional firms pay upfront money of 80% to 100%. The total package provided by them is from 80% to 200%, with the length of the forgivable loan being 7 to 9 years. Mark Elzweig reports that the $300,000 plus producer will find a comfortable home here.
- Independent firms pay 10% to 60% upfront and offer 120% total packages with the length of the forgivable loan being 3 to 8 years.
Related Attorneys: James J. Eccleston