Retention Bonuses Send A Signal To Advisors

When the media recently reported that “JPMorgan Chase & Co’.s traditional brokerage unit has begun dangling retention offers to some of the 200 brokers it acquired through its purchase of First Republic Bank’s assets earlier this month,” the news was no surprise to the RIA recruiting community.

Afterall, Big Banks and their appreciation for talented financial advisors has reached a crescendo recently, thanks to the turmoil in the banking industry earlier this year.

This developing trend means more competition for advisors and that’s a good thing – for advisors. Specifically, AdvisorHub reported that JPMorgan Chase offered 100% of trailing 12-month production to one team, which “had a mostly self-sourced client book and little left on their forgivable recruiting loans,” to stay with the bank.

There were less generous offers to those who “had many years left before their forgivable notes vested.”

The real takeaway from all this is that there “has never been greater opportunities for advisors, than there is today,” said Chris Stacey, the COO of 3xEquity, the industry leader in facilitating career transitions within the wealth management space. “There is no reason any moderately successful broker should stay in a situation, where he or she isn’t properly rewarded. It all comes down to positioning themselves for the best offer.”

This is where 3xEquity, and its practice valuation tool, come in. The tool assists advisors in determining their value, as well as helps to identify growth opportunities and trouble spots.

With an aggressive approach to retaining some of the First Republic advisors, JPMorgan Chase may find some success. But the biggest winner is the advisor community as awareness continues to build about taking a proactive approach to one’s career.

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