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December 05, 2013 at 09:24 AM
Veteran recruiter Al McIntee is relying on his 13 years of experience with LPL Financial (LPLA), Charles Schwab (SCHW) and Cetera Advisor Networks to start a new business for advisors who want to go independent or change their business model.
The number of options for advisors has gone way up over the past decade or so, and reps need someone to help them with “the exhaustive discovery work,” says McIntee, 46, who worked as an advisor for Merrill Lynch (BAC) when he started in the field.
For instance, there are the numerous regulatory and financial considerations that go along with understanding whether or not it’s worthwhile to form your own RIA, he explains. “Many financial advisors think the hybrid-RIA model may be right for them, and I can help demystify what independence is,” said McIntee in a phone interview with ThinkAdvisor.
The average third-party industry recruiter aims to put advisors in touch with five broker-dealers. “They do a high-volume business and need to place advisors where they can collect the highest fees. It can be very impersonal, and a lot of the work is done online.”
Rather than helping advisors simply switch firms, McIntee says he tailors his services. “I can look at their books of business and discuss the merits of forming their own RIA or working with a corporate RIA and of staying with a hybrid model vs. going RIA only,” he shared.
In addition, issues like software programs for portfolio management and client relationships, back-office integration and licensing have to be carefully discussed.
“Advisors want some flexibility. They need to understand what model is right for their book of business,” explained McIntee, whose office is located in the Greater San Diego area. “A generic recruiter typically tries to get an advisor in touch with four or five broker-dealers and hope that one sticks.”
