RJ and Makay

In the last four years the number of broker-dealers has declined by more than 8 percent. So far this year, we've seen 1,300 financial advisors forced to a new home from the continued IBD shrinkage.

Another IBD has just ceased operations as well. Yesterday Bruce Kelly at InvestmentNews reported the Financial Industry Regulatory Authority has deemed the securities unit of Jesup & Lamont to be out of compliance for failing to meet net capital requirements. All 300 of Jesup & Lamont reps have been ordered to cease conducting business other than liquidating transactions. Jesup & Lamont is disputing Finra's action.

>> Read More RJ & Makay Blog Posts

I posted a response yesterday to an article entitled Clearing the air about wirehouse news coverage written in Investment News by Evan Cooper. Although I've enjoyed many of the other opinion pieces I've read by Evan Cooper I think he goes too far in his criticism of wirehouses while other channels get virtually a free pass in his recent opinion columns mentioned in my response.

>> Read More RJ & Makay Blog Posts

Financial Advisor recruiting has seen a boom over the last two years. Will the boom continue or has Financial Advisor (FA) recruiting stabilized?

In the 15 month period from August 2008 to Nov 2009 there were 11,875 wirehouse reps and 1687 regional firm reps who switched firms. Wirehouse reps are Financial Advisors from either Morgan Stanley Smith Barney, UBS, Merrill Lynch/BofA and Wachovia/Wells Fargo.