by Heidi Wheatley, J.P. Turner & Company

We are halfway through 2009, but there is no doubt that the events of 2008 continue to haunt us. Who would have thought that so many historic events could unfold in such a short period of time? Mainstays of our industry – our economy – went out of business or are no longer known as they had been.

“Without a doubt, these extraordinary events brought with them many consequences and gave our industry a black eye. Brands that had become household names lost the confidence of their investors and reps,” commented Tim McAfee, chief executive officer for J.P. Turner & Company, LLC. “There has never been a better time to be a firm like ours. Many reps now realize it’s a smart decision to move from a wirehouse to an independent or from a self-clearing firm to an independent firm that serves as an introductory broker/dealer.”

While change is never easy it can be the catalyst for you
to create your business your way.

Of course, fear of the unknown can keep us on the beaten path and off the road less traveled. Questions we commonly hear from reps we are recruiting tend to revolve around the ease or difficulty of a transition or how to ensure clients move with them. We also spend time explaining that an independent firm can offer similar support services as a wirehouse, generally with better customer service.

From Wirehouse to Independent

There is a misconception within the industry that moving from a wirehouse to an independent means a tremendous amount of work and that’s just not true. Independent firms like J.P. Turner provide transitional support and also offer state-of-the-art technology platforms, back office support, access to top management and quick response times to your questions.

“Our goal is to help our reps be nimble. We want them to be responsive to the needs of their clients and the demands of the market and see it as our job to provide that support,” said McAfee. “We offer access to nearly every investment product on the market and, in addition to securities and investment banking provide financial planning and advisory services and products through our affiliate J.P. Turner & Company Capital Management. We proactively seek ways to expand our business and keep our reps ahead of the curve.”

“In the 10 years I’ve spent recruiting for J.P. Turner, I have never once been told by a wirehouse rep that they regretted moving to an independent firm,” said Al Pierantozzi, national sales director of J.P. Turner. “What I do hear is that they wish they would have moved sooner. The support provided by our transition team enables the rep to get their business up and running quickly.”

But what if you are a member of a multi-rep branch and not everyone wants to move? Pierantozzi says to make the move anyway.

“I believe that if you build it, they will come,” said Pierantozzi. “The reps making the move with you will eventually convince the others that change is good. Once they see for themselves that the transition went smoothly, you’re making more money, and are able to provide your clients with access to a wider range of products, they generally move also.”

From Independent to Independent

“To us, making the move to an independent broker/dealer seems like a simple one,” said Pierantozzi. “Higher payout, access to a wider range of products and creating your ideal business model are pretty compelling reasons to move. When you’re already independent you have to look at less tangible variables like support services, access to decision-makers and the responsiveness of the home office staff which can’t often be adequately evaluated until you’re onboard.”

Let’s face it — at the end of the day most independent firms have similar offerings, so determining what you need to truly take your business to the next level is the first place to start when considering a move.

Our goal is to help our reps create their ideal business and not constrain them by creating specific models they have to fit inside. We also want to encourage them to move their business to the next level by offering educational opportunities, marketing support and customer service that is superior to what they can get at any other mid-size broker/dealer.

“We find that reps we bring on board from other independents are generally able to quickly do more business as a result of the support they receive from our home office,” said Pierantozzi. “From our communication pieces to our conferences, our goal is to get new products, services and business ideas in front of reps and help them expand their mix of products and services to better serve current clients and attract clients that, otherwise, would not have done business with them.”

“The main difference between J.P. Turner and other independent firms is our people,” stated McAfee. “Each member of the home office staff takes a vested interest in the success of our reps. We pride ourselves on our responsiveness to their questions and thrive on finding solutions to their challenges.”

Heidi Wheatley is the director of marketing for JP Turner. She is responsible for brand development and management, internal and external communications and creating marketing solutions for the company’s independent branch offices. Please visit  www.2.joinjpturner.com