<b>Standard recruiting incentives are ineffective in todays environment.</b>
Trying to recruit advisors by offering them a $40,000 base salary and 40% payout for one year? This standard recruiting incentive, while competitive just a few years ago, is unlikely to lure advisors away from other firms, said Peter Bielan, a principal of Kehrer Saltzman & Associates. “If you’re still offering that, you’re either not getting the candidates that you want or you’re not getting enough of the candidates that you want,” he said.
To attract advisors, financial institutions need to offer more progressive recruiting incentives that ensure that advisors have comparable first-year earnings and upside potential to make the move to a new institution pay off, Bielan said.
<b>Brokers need more bank oversight.</b>
When banks pretty much give the keys over to the broker to let them run the program through their organizations, thats not what we want to see, Stephanie Boccio, a national bank examiner and asset management risk specialist at the Office of the Comptroller of the Currency, warned advisors. We want to see active engagement of the bank having oversight.
Brokers Need More Bank Oversight, Examiner Says
<b>A manufacturing renaissance will fix the U.S. economy.</b>
The nations monopoly on natural gas will drive a manufacturing renaissance in the U.S. that will fix us, said Burt White, LPL Financials chief investment officer. If you have an energy advantage, you have the advantage, he said, explaining that energy is the second biggest cost factor in manufacturing.