“The stars are in alignment,” says Andrew Daniels (left) of Commonwealth Financial Network, for Commonwealth to have a “great year” when it comes to recruiting. In an interview on Sunday with AdvisorOne in Boston where Commonwealth was holding its annual Chairman’s Retreat for the privately owned broker-dealer, Daniels, who is managing principal of field development, characterized 2010 as a “year of consolidation” for many reps who were able to finally catch their breath after the markets and economic crisis of 2008-2009, which had led to a good recruiting year for many BDs in 2009.
While recruiting was muted in 2010, this year, Daniels suggested, there will be much more movement of advisors into the independent broker-dealer world. LPL going public in the fall of 2010 would particularly benefit Boston- and San Diego-based Commonwealth, he said, because it would now be seen as the “firm of choice for high-end wealth managers.”
“Our advisors have our cellphone numbers,” he said, referring not only to Daniels’s recruiting team but all of Commonwealth’s top executives. That accessibility, coupled with Commonwealth’s sense of “community and clean compliance record” will resonate with advisors looking to move, he said, particularly since “nobody else is pulling our strings.”