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GUEST BLOG: Bill Singer Talks To Industry Recruiter Michael King of Michael King Associates

September 2, 2020

Recently, BrokeAndBroker.com and Securities Industry Commentator publisher Bill Singer has been inundated with calls from industry associated persons worrying about the future of their firms, contemplating resignation, or troubled about potential post-employment litigation against them by their former employer. Bill raised some of the issues with veteran industry recruiter Michael King of Michael King Associates:

Michael, how are you seeing COVID impact the employment scene?

Michael King: Firms are still hiring. The offers have not gone down at all. When the pandemic started, firms put everything on hold for two to three months. They are now doing recruiting virtually e.g. Zoom, etc. and some in person also if requested.

Given your veteran status as an industry recruiter, what are you seeing in COVID that is unique?

Michael King: The impact that it is having in every aspect of the society in general and the economy in particular. It will be a slow process getting back to any sense of "normalcy." Previous crises have been limited to certain areas and have not affected the total society the way COVID has.

What suggestions do you have for reps you are thinking of relocating during the crisis?

Michael King: It might be very good to relocate as long as you have a good and long standing client relationship. Firms can't go after your clients as aggressively as they could when everyone went to the office.

What mistakes are you seeing reps making in reacting to COVID?

Michael King: Not reaching out to clients on a regular and timely basis. FA's should be utilizing social media and audio/visual type contacts such as Zoom. Clients want to feel safe during this time so you must reach out wherever and whenever possible.

How is the pandemic impacting the recent trend of reps transitioning out of the broker-dealer arena into the RIA?

Michael King: Trends toward Independent and RIA continue. The pandemic has given FA's the knowledge that they can function with or without a large office setup.

Do you see the recent acquisitions by Schwab (TDA) and Morgan Stanley (E*Trade) as presenting overall opportunities or are you worried about any negative implications?

Michael King: There will be some initial adjustment but I don't see any long-term negative effects occurring during these acquisitions.

Baby Boomers seem to be particularly motivated by the pandemic to either pack it in and retire, or, in the alternative, many of them are planning on moving to retirement locale and see the chance to extend their careers as more folks join the exodus from big cities. What are you seeing in that regard?

Michael King: Relocation to a desired retirement area is being more commonly looked at by Baby Boomers. FA's should consider if they want to make one last move and collect both a transition package AND a retirement package. If the FA wants to remain at his/her current firm, they should set up a formal retirement package with their current firm. I would advise all FA's in this category to explore both options, moving or staying. Moving often makes sense in order to maximize their financial rewards.


ABOUT MICHAEL KING


President
Michael King Associates, Inc.

1120 Avenue of the Americas, 4th Fl.
New York, NY  10036






Telephone: 212-687-5490
                   800-367-3157
Cellphone:  917-747-4805 



Michael King, President has 40 years recruiting experience. We have placed thousands of FA's and are happy to give references from the FA's that we have placed if you would like.

We consider ourselves to be "Matchmakers" matching advisors with the best firms and provide very personalized service.  We can provide all the choices available wirehouses, independents and RIA's. COME TO THE SOURCE!

Michael has been interviewed by FundFire, Advisor Hub, On Wall Street, The New York Times, The Wall Street Journal and other media publications.










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