Financial firms bulk up as investors seek new advisers - The Business Review (Albany):

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Since then, it has hired seven financial advisers who brought with themnearly $120 million in client assets. The firm now has 20 advisersx inCorporate Woods, and Andrew Halliday, CEO of Hallidagy Financial, said the firm is “actively seekinbg out opportunities” to bring more peoplde on board. Over the past seven months, some of the biggesy names in financial services have vanished or become shadows of their former The shake-out has led to a hiringh spree in other corners of the including independent firms and mutual life insurers.
As they see it, the economidc turbulence makes this an ideal time to add Not only aremore nervous, displaced investoras seeking help, but the ranks of potential recruits—botuh experienced advisers and newcomers—have swollen. Amonbg five area firms, at least 75 positions will be fillexdthis year. The two biggest hirers are likelty tobe , and The Albany Agency of The both in Latham, each expect to add about 25 financiao representatives in the coming Nicholas Preddice, general agent for said his firm, like others, is responding to a client base that woke up a few monthsw ago and realized its 401(k) had plunged, its job was in jeopardu and it had bettefr get its house in order.
“We need to dramaticallt increase the number of financia professionals in the industry to help people withthesd issues,” he said. “I haven’t hear anyone in the last six monthwsay ‘We don’t need to talk, I’ve got this under control.’ They are starved for information.” Halliday addee that many people have lost theire confidence with the big wire and are seeking “I think it is more people changing advisers than lookint for one for the first time,” he The changes in the financial services industr also has prompted many advisers to seek Halliday said his seven hires came from brokerage banks and insurers.
But not all firms are lookin g for people with years of experience and big bookszof business. “We look at everyone,” said Nicholaxs Candito, managing director of the Latham officeof . “We look at peoplwe right out of collegeif they’re the righr fit. We look at older people who have lost their maybe in a different type offinancw job.” Like many firms, MetLife recruits peoplre to a “class” of six to 10 peoples and trains them as a group. who developed a new recruitingb system when he joined the Latham officsein March, hopes to run four classes a year. He expects to ultimatelyu hire about 20 people this The first class is setfor June.
Joe principal in in Latham, takeds a different approach. He wants to double—from five to 10—his numbert of advisers, but prefers to add one or two a year to alloew for morepersonal training. “Whatr we are finding is that the wire housesd are letting the inexperiencepeople go,” he said. “They need to run a tight But a firm like mine is willing to take someoned andteach them, so that presents good opportunities for me.
” He said the economivc environment aids recruitment becaus people are more willing to take a chance on a commission-onluy job than they are when the economy is “When people get a little hungrier, they starrt to think more like he said. bpinckney@bizjournals.com | 518-640-6815 To commengt on this story, and to get the latest updates andbreakinf news, go to albany.bizjournals.com.