Nov 14, 2011
By Susan Konig
Joseph L., a 60-year-old veteran rep in New York says, for years, he had planned to retire at 63, soon after his youngest child finished college. Alas, the market pummel took a beating beginning in 2007 and his 401(k) plan took one along with it. Joseph has awakened to the fact that he could still be working at the ripe age 70...
Oct 10, 2011
By Susan Konig
As the market volatility that re-emerged this past August continues, advisors in your branch are likely feeling the kind of pain and anxiety they did at the height of the financial crisis in 2008. ...
Sep 12, 2011
By Susan Konig
What a heck of a summer. In August, Mr. Market behaved like a schizophrenic. Such volatile conditions, no doubt, cool clients’ ardor for risk. For most, the challenge of merely keeping their clients calm takes precedence over seeking greener pastures at other firms. ...
Jul 11, 2011
By Susan Konig
Coaching is a pivotal part of any branch manager’s role as a leader—of course. Being truly effective at it can make all the difference in the morale and success of your branch office. ...
May 10, 2011
By Susan Konig
Wells Fargo Advisors’ is looking for recruits in out of the way places. In April, Kent Christian, president of Wells Fargo Advisors’ financial services group, told a Securities Industry and Financial Markets Association conference that the aging FA population is creating a shortage that will seriously impact the industry and investors, and which he believes “cannot” be solved by recruiting from rival firms...
Apr 11, 2011
By Susan Konig
You’re not likely to find many branch managers like Jim Pekelder these days. He’s a complex director for Wells Fargo Advisors in Omaha, overseeing 31 reps in his own branch, and another 30 spread among a half-dozen smaller offices. Pekelder’s complex assets total about $5 billion, certainly enough to keep him busy (and well-compensated). But, with the help of a junior partner, he also manages 1,200 of his own client accounts worth about $130 million in assets.
That would make Pekelder a very busy man—and somewhat of a rock star, frankly. But like anybody else, Pekelder entered the industry as a lowly young rep, and like other reps of his vintage, he endured seven corporate mergers and five back office conversions—only to come out the other side as the manager of a large complex....
Feb 14, 2011
By Susan Konig
Last month, both UBS Wealth Management and Morgan Stanley Smith Barney unveiled changes in their compensation structures that have branch managers at both firms—many of whom are already disenchanted with the mounting demands and diminished job security of their positions within the industry—even more unhappy. ...
Oct 11, 2010
By Susan Konig
Sep 13, 2010
By Susan Konig
Wall Street recruiting packages have continued to soar in the past year. But insiders say the deals are not always what they seem. These days there are a lot more strings attached and in the current market they’re not great for brokers or firms. ...
Aug 9, 2010
By Susan Konig
Jul 12, 2010
By Susan Konig
A focus on increasing profitability has forced many firms to assign branch managers to more than one branch. Those who’ve managed to keep their jobs have been “rewarded” with huge pay cuts.
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Apr 12, 2010
By Susan Konig
Times are tough for branch managers. And, like many people facing challenges, there’s often much to be gained by the support of your peers (hence, the existence of this newsletter). ...
