2024, A New Year of Financial Industry Transition, an interview with Ron Edde
From the desk of Stephen Kohn, Founder and Chair of the Financial Professionals Coalition (www.finprocoalition.com) and a 25-year veteran owner of a FINRA broker-dealer, a former member of FINRA’s National Adjudicatory Council and a Former Governor on FINRA’s Board.
The Financial Professionals Coalition, Ltd. was founded as a diverse resource for over 1.2 million registered representatives, associated persons, traders, bankers, back-office staff, and owners of broker-dealers and registered investment advisors. The Coalition provides courtesy consultations with industry experts. Membership is free.
Based on the turmoil of 2023 consolidations, hirings and firings, the Coalition introduces its Founders who are top-level, financial industry recruiters and stand ready to help you make transitions and find a new home. Here is the first in a series of introductions.
Introducing Coalition Founder, Ron Edde.
Ron has been a fixture in the financial industry for over 20 years. Beginning as a registered representative, he was promoted to Regional Vice President for a company which was owned by Citigroup where he ran an office and oversaw 30 people for a decade before moving exclusively into the recruiting arena.
In 2012, he founded Millennium Career Advisors, a recruiting firm dedicated to the recruitment of experienced financial advisors and private bankers for a stable of over 30 client firms. Consistently ranked among the top recruiters in the country for that niche, Mr. Edde specializes in assisting financial advisors identify and evaluate their options for growth and advancement.
A consistent interviewee and contributor to a variety of investment publications including Barron's, Investment News, FA IQ and AdvisorHub, Mr. Edde is well-versed in a wide array of issues of importance to financial advisors and their practices. Studied Business Administration and Political Science at the University of Missouri, Kansas City Former President of the North Coast Chamber of Commerce in Encinitas, CA Maintains securities and principal licenses through FINRA.
1. Why should financial professionals use a recruiter rather than try to find a job on their own by sending out resumes or answering help-wanted ads?
Edde: “In the case of financial advisors specifically, if a firm discovers conclusively that an advisor is actively exploring other firms, they can be terminated. Sending out resumes, leaving a request for contact on a company website or calling around to various firm managers increases the risk of that discovery. A recruiter who represents several different firms can be a single point of contact, and can counsel an advisor against engaging with a firm that would not be a fit for the advisor's goals and needs...not unlike an advisor counsels a client on the types of investments that would be best suited for him/her.”
2. What are the costs to the financial professionals of working with you -- and if there are none, are you conflicted by getting paid by the employer?
Edde: “99% of recruiters are compensated by the firm that ultimately hires their candidate. In this model, the firm is the recruiter's client, but all good recruiters work to introduce candidates to firms that could best accommodate the advisor's practice and are firm agnostic.”
3. What are some of the unique services that you and your company offer?
Edde: “We represent over 30 firms, including wire houses, regionals, independent broker/dealers and RIAs. We can provide names and contact information of advisors who came from the firm a candidate is leaving and joined the ones they are looking at. These conversations represent the best, most unbiased reviews and intel that is often not provided by hiring managers. We also counsel advisors on transition strategies, deal negotiations and succession planning. Finally, we facilitate the sale of practices between buyers and sellers of books.”
3. What are some of the most common mistakes folks make during the hiring process?
Edde: “Not knowing what questions to ask hiring managers, disclosing to clients that they are contemplating a move in advance of actually changing firms and not properly evaluating their chances of making a successful move. Finally, although transition money can be an important metric, most advisors tend to overweight that factor in their decision-making.”
5. What are some of the most common mistakes employers make when seeking out staffing?
Edde: “As it relates to advisors, over-promising and under-delivering.
6. What is your forecast of the 2024 employment scene for financial professionals?
Edde: “2024 is likely to continue to be a healthy marketplace for experienced advisors with a transportable book of business."
Join the Financial Professionals Coalition, membership is free, as is access to Ron Edde’s recruiting expertise, in addition to a vast array of referral resources.
A CLEARING HOUSE OF SOLUTIONS FOR FINANCIAL PROFESSIONALS
The Financial Professionals Coalition, Ltd. is a diverse resource for over 1.2 million registered representatives, associated persons, traders, bankers, back-office staff, and owners of broker-dealers and registered investment advisors. The Coalition provides courtesy consultations with industry experts. Membership is free.
And if you want to go it alone, the Coalition's "Marketplace" is now accepting cost-effective advertisements for:
Phone numbers or email addresses are not disclosed in the posted advertisements unless you so authorize; and a reply protocol offers various degrees of confidentiality as you may require.
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