An irreverent Wall Street Blog
by Bill Singer
Join BrokeAndBroker blog on Facebook  Follow the BrokeAndBroker blog on Twitter  Connect with BrokeAndBroker on LinkedIn  Join Bill Singer on Google+  Subscribe to RSS Feed

After The Carnage, Wall Street Recruiter Craig Enderlin Talks Brokerage Jobs For 2013
Written: November 21, 2012

Jobs Help Wanted

After several rough years, Wall Streetís employment scene for 2013 may look less like a blood bath, which, for many, is a welcome relief; on the other hand, the industry is a long way from where it was before the carnage began.

I recently spoke with Craig Enderlin, the Founding Partner/CEO of the Advisor Placement Group.  Before taking on the role of a full-time recruiter, Craig was a financial advisor with Merrill LynchBank of America, and an independent broker.

Big Boys And Girls Weigh In

Perhaps the most dramatic development for Craig in 2012 was the amount of movement by high producers ($500,000 and up) relative to lower producers. Craig says that the shop talk among his fellow recruiters is that although they did fewer deals in 2012 than they had hoped, those deals that got done involved more high-end producers than was expected: a case of quality over quantity.

Given Craigís end-of-year-2011 expectations, he didnít expect to see as much movement as took place in 2012. In 2011 there was far more complacency among industry registered person Ė understandable in light of the challenging economy and the ongoing consolidation and retrenchments in the industry.  It looked like the hunkering down that started in 2008 would persist; however, as 2012 moved forward, by the end of July, Craig noticed a pick-up in queries from big producers interested in changing firms and exploring their options.  Craig is confident that this trend will continue into 2013.

As to this increased migration by larger producers, Craig believes it is due to such folks growing increasingly confident that the industry is stabilizing along with the overall economy, thus giving them more flexibility and motivation to analyze their current situation and explore their options rather than sitting tight and playing it safe.

Invest In Tech

One welcome development in 2012 was Craigís perception that some broker-dealers began to aggressively upgrade their technology systems. Among the more common complaints from brokers is that their firm is not investing in compliance technology to help streamline filing requirements. The dinosaurs that havenít innovated and explored technology are losing and will continue to lose advisors. Various technology upgrades such as E-Signature offer increased efficiency and paperwork reduction as an enticement to many producers struggling with processing delays.  The ability to expeditiously move and submit paperwork through the BD channel has become a very attractive draw for  brokers considering a move.

Stock Jockeys Dismounted

Craig believes that the affiliation contracts in place and expiring from the Great Recession will prompt many registered persons to start looking around for new homes in 2013.  The potential loss of more seasoned producers is already prompting wirehouses to increase trainee programs.  Similarly, Craig predicts that wirehouses will emphasize an interest in securing production teams rather than the dying breed of the lone ranger.  Further, when a team is hired, it tends to impose a number of intangible restraints upon the component players, not only making it more difficult for any given player to leave, but also creating a stickier environment to keep the group together.

Among the pronounced items on the checklists of many brokerage firms seeking talent is the desire to recruit registered persons capable of offering advice, not just the ability to sell product. Craig characterizes this shift as one away from stock jockeys peddling stock tips to a holistic, comprehensive business model based upon advice. Moreover, Craig says that in order to nurture and exploit this new advisory emphasis, many wirehouses expanded their research departments and moved into fee-based asset management.

Wirehouse Model In Flux

2013 promises to see further fragmentation of traditional industry channels as Wall Street evolves from the wirehouse model to bank model to indie model to indie RIA model to hybrid indie BD (allowing outside RIA). For producers seeking to move on to something better, the options now are tremendous, provided youíre willing to do your due diligence. Craig stresses that youíve got to know your options and be prepared to belly up to the smorgasbord out there.  Unfortunately, based upon initial meetings with potential recruitment clients, Craig says that many folks still arenít fully aware of the range of choices. Bank of America, Wells Fargo, JP Morgan, Morgan Stanley, UBS, Goldman Sachs, LPL, Schwab, TD Ameritrade, Ameriprise, E*Trade ó thereís all that and more, and even what some of the names of the Street once represented is morphing.

Social Media

In response to whether he noted any new or surprising developments in 2012, Craig said that social media issues have become huge. Older advisors typically donít fully exploit social media marketing Ė either because they donít understand it or their firm wonít provide support. My firms say FINRA hates it and we donít want to bother. No help. No training. Thatís what Craig is hearing. Rather than a mere fad, Craig says that social media is the networking and marketing tool of the future, and even if older producers donít quite know what it is or how to use it, Craig is hearing more veterans complaining that they realize that theyíre missing out on exploiting this opportunity and need assistance Ė a lack of which many cite for their reaching out to a recruiter. Craig says that he is regularly being asked for placement with an organization that is proactively promoting the advisorís use of social media and provide training and support.

For More Information About Advisor Placement Group:


Previous Entries
March 26, 2015
Wall Street is supposed to be protected by smoke detectors in the form of endless amounts of rules and regulations, massive volumes of written superv... Read On
March 25, 2015
In 2006, after suffering several miscarriages, UPS driver Peggy Young became pregnant; and, in consideration of her prior pregnancies, her doctor ins... Read On
March 25, 2015
In the great 1967 film "Cool Hand Luke," we get that iconic line about "What we've got here is failure to communicate."  The scene involves the b... Read On
March 24, 2015
On March 24, 2015, the United States Supreme Court issued its Opinion in Omnicare, Inc., Et Al. v. Laborers District Council Construction Industry Pen... Read On
March 24, 2015
Stockbroker, Compliance, Legal, and Regulatory JobsEmployment Page Jobs#wallstreetjobs @brokeandbrokerNOTICE TO EMPLOYERS: Brok... Read On
March 23, 2015
Consumer advocates and regulators tend to dislike so-called "exotic" or "leveraged" Exchange Traded Funds ("ETFs"). Many of the concerns are legitimat... Read On
March 21, 2015
Merrill Lynch Blindsided By Former Employee In Promissory Note CaseThe big boys just don't tend to lose their promissory note cases with any regularit... Read On
March 20, 2015
The big boys just don't tend to lose their promissory note cases with any regularity: mostly because these cases are based upon executed ironclad agre... Read On Job Search

Related Topics
Tag Cloud
Internet FINRA Bear Stearns Bloomberg SEC NASD NYSE Money Laundering Due Diligence Waiver Forbes China Chepucavage Broy Woody Allen Madoff NAC NPR Marketplace Stanford UBS Ketchum Antitrust NASDAQ RRBDLAW Schapiro Bill Singer BrokerAndBroker USERRA Morgan Keegan Arbitration Counterclaim Khuzami BrokeAndBroker Aleynikov Goldman Sachs brokeandbroker Promissory Note U4 Bill SInger EFL CFTC Huffington Post Flash Crash arbitration RBC Ponzi Affinity Fraud Wachovia Raymond James Expungement Fraud Securities Fraud Outside Business Activity Registered Rep Magazine FOREX FBI Banc of America Pro Se PCAOB Supreme Court Morgan Stanley Smith Barney E*Trade Margin email Galleon Penson U5 Defamation Protocol Wells Fargo Punitive Damages Citigroup Merrill Lynch ARS Employee Forgivable Loan Street Legal Morgan Stanley AWC Fidelity Bankruptcy Broke And Broker HFT David Sobel Day Trading Ameriprise Commissions Spouse Schwab Commission CRD Kenneth Starr IRS CNBC Complaint ATM Skimming Hacking Phishing Malware Naskovets Poteroba Koval Lincoln Financial Selling Away Outside Business Activities Rakoff 2nd Circuit Second Circuit IRA 401k Forgery Tax Email Netschi Moore Whistleblower Street Sweeper Countrywide Tran Bharara Facebook Online Severance Bonus Eligibility Rule TD Ameritrade Hedge Fund SAC 1099 Smith Barney Lehman Brothers SIPC IC3 Scottrade Lehman JPMorgan Chase Hertz Insider Trading Bank of America Department of Justice Elles Bribe Auction Rate Securities Raiding Spam Edward Jones Medicare Diabetes Dow Schumer Thain Walter Bid Rigging Real Estate Discrimination Wall Street Statutory Disqualification Form U4 Form U5 Indictment Boyland DOJ Corruption bill singer FTC Do Not Call FINRA Arbitration Costa Rica Settlement LIBOR Varney Plea Rule 8210 Eligibility RRBDlaw Appeal Fowler LPL Johnson Cellphone US Airways JPM Reg D MSSB Vault Loan SunTrust Discovery Employment Rosenthal Recruiting Lawyer Trading Platform JP Morgan Employment Tuesday Wrongful Termination Bank Guarantee WaMu Solicitation REIT Martin Credit Cards Rule 3050 Away Account Credit Repair PN Advisor Placement Group Fifth Amendment Forex Mortgage Private Placement Moon CGMI Failure to Supervise Merrill Anderson Exam Lee Borrowing Tax Lien Conversion Oppenheimer Wedbush Felony Misdemeanor Expenses ING Lien OTR Estate Jobs Florida Credit Card Elderly Flash Drive Annuity Expense Reimbursement FNMA BrokeAndBroke TIC DWI Promissory Notes Suitability Will POA Power of Attorney Casino NSF MF Global Counterfeit Preet Bharara Corzine Hacker Deferred Compensation RIA Prison Disclosure NASAA Aguilar FCPA Subway Identity Theft Gold Dell Bar Injunction Bank Deutsche Bank Hospital Due Process God HSBC Private Placements Eric Stein Wire Fraud FINOP CCO Compliance Audit Joshua Brown Backstage Wall Street Obstruction of Justice Reuters Retaliation Variable Annuity Arbitraiton Outside Account Options Telephone Wine Series 7 Social Media ADA Pacifico Non-Prosecution Agreement Confirm Tax Fraud Retirement OBA Equity Indexed Annuities EIA Disability MetLife Continuing Education Cheating OIP Tax Liens Willful CE Unregistered Impersonation Annuities BBVA Business Expenses ETF JOBS Act Mail Fraud Parking Variable Annuities Signatures BitTorrent Impersonator Wire Transfer Wire Crowdfunding Nasdaq Away Accounts WSP Laptop Dodd Frank Checks RMBS AML PST Solicited Unsolicited Congress SRO Wife Discretion Non-Solicitation Restaurant Commodities Private Securities Transaction Offer of Settlement Money Market employment jobs Great Recession Chase Investment Services Arrest Barclays Liens Failure To Supervise Apple Time And Price T&P Willfully Husband Letter of Authorization LOA Sexism Debit Card Knight Test Practice Sale Unfair Competition Signature Judgments Undisclosed Settlement Trainee Fee Trust Laser Side Bar Mattera Female Sales Assistant Kennedy Charge Sexist NML Argentina Embezzlement Silver Investor Alert Judgment Bank Fraud Deceased Bill Singer BrokeAndBroker TSSB OHO Leveraged ETF Mary Jo White Trustee Motion To Dismiss Frumento Conspiracy 6th Circuit Proctor Rule 3040 Class Action Beneficiary NYAG Schneiderman 11th Circuit Insurance Gallagher White Self Regulation Short Sale Compromise Website Rule 2010 TRO Supervision Vacatur Remand SDNY Rule 12206 BrokeAndBroker Bill Singer Piwowar Stifel Rule 1122 Article V signature Confidential Inside Information Reg SP VA Regulation SP Customer Rule 3270 Rule 3240 Annual Compliance Questionnaire OWB 2Cir Red Flags Payroll Stockbrokers Cybercrime Loans Altered Records
Email Bill Singer Connect with Bill Singer on Facebook Follow Bill Singer on Twitter Link up with Bill Singer on LinkedIn Join Bill Singer on Google+