RJ & Makay has had a record recruiting year for financial advisors. The vast majority of our interest from FAs have been wirehouse to wirehouse. However, we have had a growing demand, especially from advisors under $500K, for something different.

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One of the most valuable commodities for a financial sales person during recessionary periods are warm leads to contact. The problem with this of course is there are not many warm lead financial sales opportunities in today’s shrinking financial market.

Some Jr. advisors are joining teams so they can help focus on their more senior partners second and third tier clients. Some are trying to focus on banking opportunities where they have a bank customer base to contact clients from.

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With Bank of America (BAC) buying Merrill Lynch (MER) and Wells Fargo (WFC) buying Wachovia/AG Edwards (WB) there are over 30,000 financial advisors in flux. When you include over 20,000 advisors from powerhouses like Morgan Stanley (MS) and UBS (UBS) whose fate is uncertain of late (both have talked with other suitors this year about merging or selling) the advisor count nearly doubles.

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Financial sector recruiting firm RJ & Makay is capitalizing on the success of their  recruitment video to Merrill Lynch financial advisors by launching a sequel. The videos are on pace to recruit away more than a billion dollars in assets from brokerage firms in the 4th quarter this year.

The newest video was released on Thursday. It targets all financial advisors but specifically appeals to Merrill Lynch (MER) and Wachovia (WB)  financial advisors who are deciding between a retention package and a transition package (among other considerations).

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Merrill Lynch advisors received their long awaited retention package from new owner Bank of America. The reaction is mixed.  Advisors doing over $1.75 million in individual production is where Merrill/BofA drew the line for their best deal. Advisors doing under that didn’t fare as well. RJ & Makay recruiters worked through the weekend to handle the volume.

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In this highly competitive job market, hiring managers, recruiters and HR are overwhelmed with candidates’ resumes.  While we would like to think that each resume will be thoroughly reviewed, printed out and truly READ, the cold reality is that every resume will first  be scanned by software, with those having the relevant keywords then given a 20 second review at best.

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