Over? Did you say ‘over’? Nothing is over until we decide it is!
You know those lines from John Belushi’s motivational speech in the movie Animal House and to be honest, it was the first thing we thought of when we read this story in AdvisorHub.
James Gorman, the chief executive of Morgan Stanley, recently suggested at a company meeting that recruiting veteran brokers to the wirehouse is essentially a waste of time. Morgan is better off growing assets internally, rather than acquiring them, he said.
Thus, the wirehouse is effectively taking its well-used ball, i.e. veteran broker recruiting, and going home.
So is the recruiting game over?
“Maybe for Morgan,” said Chris Stacey, the COO of 3xEquity, the industry leader in facilitating career transitions within the wealth management space. “But hearing this, other wirehouses are likely to intensify their efforts. They may see Morgan’s withdrawal as an opportunity to recruit veteran brokers.
Advisors who are interested in other opportunities should test the waters. They can use the proprietary tools on the 3xEquity web site, which allows them to secure multiple offers, all while remaining 100% anonymous.