2011 Will Be Big BD Recruiting Year, Says Commonwealth’s Daniels

“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.”