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The brokerage business is in serious chaos

By SHUSTAK REYNOLDS & PARTNERS of Shustak Reynolds & Partners, P.C. posted on Sunday, August 21, 2011.

Like the accounting firms, which were once “The Big 8″, now reduced by more than half, brokerage firms are merging, closing shop and being snapped up by private equity firms. Brokers are jumping ship as the beleaguered firms do whatever they can to entice the big producers to make the change and bring their lucrative books of business with them. The multi million dollar producers are in very big demand. Many of them are leaving their firms still owing substantial amounts on their holden handcuff, forgivable notes. We have seen a significant uptick in clients coming to us with big notes hanging over their heads as they exit their firms and join another wire house, or form their own RIA firms.

For more information, visit http://www.investmentnews.com/section/recruiting-moves

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