Financial advisor hiring is heating up as financial-services plans to ramp up recruiting in 2010 move into full swing.
The following five firms have announced hiring plans thus far in 2010.
-- Bank of America Merrill Lynch: 2,000 new hires this year.
-- Barclays Wealth: 100 this year.
-- Citi Private Bank: About 260 bankers over the next several years.
-- Wells Fargo: 1,400 this year and 10,000 over the next several years. Wells Fargo Private Bank: about 100 advisors in the Eastern U.S.
-- UBS: recruiting new financial advisors to add to its 7,000 brokers. [UPDATE: UBS is adding 600 advisors in its wealth management unit.]
Despite the surge in announcements, hiring demand remains constant.
"You look like a hot firm when you make an announcement," said Danny Sarch, founder of recruiting firm Leitner Sarch Consultants Ltd., based in White Plains, N.Y. The announcements are "a relatively new phenomenon," he said, chalking the trend up to hunger for positive publicity. "I don't see it being any different, even though it's gotten more coverage."
News about recruitment used to be more anecdotal before Discovery Co., a Shrewsbury, N.J., financial-services information provider, began publishing its database reports on movement among registered investment advisors, registered reps and other industry professionals.
As job jitters have eased, fewer advisors are taking recruiters calls and listening to their pitches than last year.
"There aren't as many people interviewing," Sarch said.
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Write to Laura Lorber