Brokerage and financial advisory firms are back and ready to hire employees according to a recent Fidelity Investments survey.
This makes sense as these firms are all “billing off a higher base” in light of the stock market’s 100% advance over the last 25 months.
Here’s FA Magazine:
Despite national unemployment inching back up to 9 percent, about 75 percent of U.S. broker-dealer and independent registered investment advisory firms say they are planning to hire up to 30 percent more employees over the next 12 months, according to a new survey by Fidelity.
One caveat – a lot of this “hiring” is really just a shuffling of reps from one firm to another…
Conducted by Fidelity Investments at its 13th Annual Executive Forum earlier this month, the survey indicates that the first staffing priority of firm executives this year is to recruit new advisors and brokers who have existing books of business. Nineteen percent of executives polled plan to help existing staff to transition to a broker or advisor role.
Anecdotally I am hearing about new training program initiatives at the Merrills and the Morgans. It’s a buyers market out there for college grads with an interest in Wall Street. Many of the grads from 2009 and 2010, who would have been unobtainable by wealth management versus banking or trading, are now more receptive to becoming advisors. The wirehouses should strike while they can.