TOP

How to Attract Top Producers to your Broker Dealer

Every Broker Dealer that I speak with has a very similar game plan: Step 1) Establish a Broker Dealer. Step 2) Hire top producers that have a quality client base. Step 3) Buy a big house and a boat. Great plan! The only problem is how to get top producers to come to your firm.

Broker Dealers have many answers to this question such as: 1. I know everybody (top answer) 2. Everybody knows me (tied for first) 3. I have hired tons of brokers and trained them. As soon as they find out that I have my own place they are going to come. There are many variations, but you get the point.

Top producers DO NOT join simply by virtue of your firm being in existence and while relationships are great to have in the long term, try not to rely on them to get you going. Most top producers like to see that you have established yourself before they make a commitment to switch to your Broker Dealer.
(more…)