How many wirehouse advisors would Barclays Wealth like to attract as part of its overall goal of growing from about 250 investment representatives (or advisors) to about 500 over the next few years?
We have no stated target for the number of wirehouse representatives we have to attract.
We have seen a big uptick in recent years, though, as our scale and commitment to the business have grown and, given what’s going on at the wirehouses, we could have great success in this channel going forward.
What’s the breakdown of your recruited advisors by channel?
Historically, it’s been about 70 percent from other high-net-worth boutiques, including private banks and investment boutiques, and 30 percent from the wirehouses.
That (latter) number is growing for a variety of reasons, such as our introduction of a broader investment, credit and services platform and its appeal.
Can you describe the typical wirehouse broker that you are recruiting?
There are two types.
One is focused on growing with us as a high-net-worth investment representative. This includes those who are newer to the business, such as those with less than 7-10 years in it.
The second group is for those who are more established in the business and want to leverage their investment resources with the global scale of Barclays and its unique focus on the high-net-worth segment of the marketplace to help boost their business with existing and new clients.
How are you able to attract wirehouse reps to Barclays Wealth?