The competition for financial advisors is increasingly intense, with larger bank and nonbank firms providing significant incentives to attract talent. When recruiting advisors, you need to know what other firms are offering and which incentives work best.

Peter Bielan interviewed the top management of 30 bank brokerage firms to survey the landscape of recruiting incentives being offered today. His analysis of those interviews:

  • Describes the structure of successful recruiting incentives;
  • Identifies the production level of the advisors targeted for recruitment;
  • Describes the different levers used in recruiting incentives and their duration;
  • Examines the first-year amount paid an advisor under different production levels;
  • Identifies the breakeven level of each plan; and
  • Assesses the relative success of each component of the recruitment incentives. 

If you plan to add advisors this year, you need this market intelligence to design your competitive recruiting strategy.