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Inside Look at 3rd Party Recruiting - (704) 980-0660

Third Party Recruiting

Contractual agreements are formed between a broker-dealer and a 3rd party recruiting firm.  The typical agreement allows the recruiting firm to submit advisor names, (leads) to a broker dealer as prospects.  The BD agrees to tie that specific advisor to the recruiting firm for a one-year period, as long as an introduction to the BD is made within a 30-day period.  Once the introduction is made in that 30-day timeframe, the recruiting firm is guaranteed a fee if the advisor moves his book of business to that firm within one year.  In every case, the recruiting firm is paid by the BD, NOT from the advisor!  Simple enough, right?

Typical 3rd Party Recruiting Firm

In the minds of typical recruiting firms, it’s a numbers game.  As you can imagine, with hundreds of thousands of advisors across the country, all it takes is securing a very small percentage to successfully operate a firm.  In their minds, it’s a simple two-step process.  Market to the masses to get a few interested prospects, then introduce those prospects to multiple BDs within 30 days.  DONE!  They understand, not all of those introductions will lead to advisors moving their book, but the more BDs introduced to a prospect, the higher the likelihood of that advisor transitioning to one of those BDs.  Their focus now turns back to marketing the masses and generating a few more leads.  The cycle continues, month after month; year after year.

ELITE 3rd Party Recruiting Firms

Elite 3rd party firms, like Trusted Visions Placement and Consulting take a much more comprehensive approach.  Rather than marketing to the masses and hoping to find an advisor that “sticks”, we focus on the relationships we have developed in our years within the industry.  The majority of our leads come from advisors, either referred to us from successfully transitioned colleagues, or advisors/OSJs that we placed years ago whose BDs have chosen a different path in their overall operational plan.  While we still market outside these parameters, it’s how we treat each prospect’s transition that separates us from the chaff.

Our true success derives from our comprehensive, hands-on approach to recruiting.  We believe that our job doesn’t end with an introduction to a BD, but it actually starts before.  By getting to know each and every prospect, we can focus on what makes that advisor successful.  What is the makeup of your business, what are your ultimate goals, what type of BD makes sense and which ones are most compatible to your continued business growth?  By focusing on these and many more factors we can specifically target BDs that will cater to your operations’ success.  THEN, we can start with the BD introductions.  It makes no sense to introduce you to multiple BDs that don’t have your success as their primary goal, nor does help you to meet BDs that can’t fulfill the needs of your operational structure.

Now that we know your business and have narrowed the list of potential BDs, we become your advocate, working to ensure the agreement you make with your new BD partner is strong and meets each criterion you’ve established, possible.  With years of experience transitioning advisors, we know the limits that BDs have in place when it comes to product, pricing and transition assistance and other factors as well.  We help outline the structure of your agreement as well as assist in negotiating a fair transition assistance package.

Finally, we go the extra mile to help you through each and every step of the transition process.  With years of experience assisting both individual advisors as well as large OSJs we can help you navigate the transition process all the way through your affiliation date.  Your successful transition gains us a new raving fan.  That’s what Trusted Visions is all about.

Contact us today for more information and let us know how we can help.  Whether you’re just thinking about a move or you are committed to moving next month, Trusted Visions is here to walk you through the process step-by-step.

Ian Hillis
(704) 980-0660