Independent broker-dealers are stepping up their game on recruiting from the wirehouses

Independent broker-dealers have narrowed the gap between themselves and the wirehouses and are able to attract more quality brokers from the Big Four

Jan 27, 2018 @ 6:00 am

By Bruce Kelly

For years, many wirehouse brokers wouldn't consider moving to an independent broker-dealer — and for good reason. The technology at IBDs wasn't on par with the wires. They had no public branding to bring clients in the door. And perhaps above all else, their recruiting bonuses were measly compared with those offered by wirehouses.

And while the four wirehouses — Morgan Stanley, Merrill Lynch, Wells Fargo Advisors and UBS Wealth Management Americas — still get their fair share of recruits from each other, IBDs have been making considerable inroads in recruiting wirehouse …

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