I have hundreds of conversations with brokers every month. Inevitably, a few turn into inquiries for branch-management opportunities at other firms.

Since I've been headhunting for more than 21 years, I've become aware of what I call "The Manager Paradox." That is, as the markets trend downward, more and more brokers want the seemingly easier path of a salaried position--just as the firms contract and want to cut salaried employees because they need fewer managers. As the markets trend upward, fewer brokers are willing to give up their books to go into management. Concurrently, brokerage firms are expanding and getting hungrier for management talent.

This is good news for me, since the hiring firms need more candidates at a time when they're difficult to attract. So, as I take these aforementioned inquiries, my headhunting antennae are up, and I ask the candidates various questions.

* Are you fleeing something or seeking something?

Brokerage firms don't want their branch managers to be burnt-out brokers. But if you are burnt out, hopefully at one point you were on fire. If you're seeking the position because the thought of writing another ticket makes you queasy, you're probably wasting your time. All major firms have a grueling management-assessment process designed to separate those with a true interest in running a branch from those who are looking for a salary because they can no longer make it solely on commission.

Nothing you do as a manager will ever equal the rush of closing a deal, but no deal you close will ever match the satisfaction of helping a rookie become great. If that resonates with you, then you should start down the management path.

* What a wonderful way to see the country!

At the major firms, relocation is a fact of life for the branch manager who wants to keep his or her career moving upwards. There are quite a few managers who have become an institution for their firms in certain towns. But they are the exceptions. Plus, their backgrounds usually show multiple moves before they got to that "last stop." My advice to any and all who start down this road is to be flexible about where you want to live and realize that you'll probably have to move more than once. Those who show the most flexibility often have the fastest career path.

* It's just like golf!

One of the most talented and respected branch managers I've ever worked with often told me his job was just like golf. Like the sport's most positive aspects, being a branch manager is always a challenge, there's always something more to learn, and there's no single way to approach a problem.

But golf has its negatives, too. On any course on a given day, you can play as well as you've ever played. Yet the next day, the wind may be different, the course could be wetter, and you may find yourself 20 strokes worse. For branch managers, the winds can change hourly, and there's no weatherman to tell you where they're coming from. Headhunters and competitors are calling your top people daily. Your best assets walk out every evening, and you're taking a leap of faith that they'll show up the next morning.

Are you excited or scared by the challenge of each day being different? It's not just being different at the broker level. Regional and divisional managers turn over, too. The prized relationship with a "rabbi" who's watching over your career can quickly become a mere friendly voice thousands of miles away.

* Every broker reporting to you--as a manager--has a "put" on your career.

It's harsh, but true nonetheless. Today's compliance environment is more intense than ever. One branch manager told me he has successfully lost weight during the last few years because of the "audit diet": Every time regulators or his own firm's auditors visit his branch, he stops eating. On the positive side, most firms have strong technological tools that enable branch managers to monitor their brokers' businesses more closely than before.

* Are you ready to recruit?

If you're a regular reader of this publication, you probably get several calls a week from headhunters, internal recruiters, sales managers or branch managers. They all want you to move your practice to their shops. Recruiting is one of the top priorities for branch managers at virtually every firm in the industry. Simply put, the branch manager is expected to grow his or her franchise. The best way for a new branch manager to gain recognition and get promoted is to hire several top producers.