Tough at the Top

After you fight your way to the top of that mountain full of dreams, sometimes all you encounter is a big bear. Just ask any branch manager these days. While advisors are struggling to explain losses to clients, branch managers have their hands full guiding them and keeping their spirits up, acting as advisors to the advisors. They have different approaches, but there are some common threads. Several winners in our second annual Branch Manager of the Year awards-sponsored by Mainstay Investments-treat the advisors as their clients; some are keen on the importance of exercise; some are heavily recruiting in this down market and more than one credits military training for his success.

We asked advisors to nominate their branch managers, then a panel of five industry professionals and consultants judged the nominees based on a number of criteria, including the branch's assets under management, revenue growth, recruiting success, approach to client service, training and compliance record. The top 100 were interviewed and evaluated by research firm King Fish Media and the judges then selected the final 10. They're profiled below in no particular order.

Robert Carr, 55

Wachovia Securities/Wells Fargo Advisors * McLean, Va.

Number of advisors:38 Branch AuM:$2.5 billion*Branch Revenue: $28 million

Bear markets aren't new to bob Carr. he took hislumps at the beginning of his career in the late 1970s. And the lessons learned then help him today, although the scenarios aren't exactly the same. "Each bear market feels different but there's no question that being part of the market then helps you gain perspective [on how to] get through it," he says.

Navigating the markets has been made even more difficult for the Wachovia manager by the takeover by Wells Fargo. His advisors have concerns, of course, but he says he's happy with the move. "This is an environment where people are very fearful so safety and security have become key, and Wells Fargo affords us that," he says.

Acknowledging the stress on everyone-and being a believer in staying fit to meet the daily challenges-he brings a yoga teacher into his branch to hold classes for his staff. Outside of work, he enjoys playing golf but has less time for it these days as he puts in longer hours. "You have to be more on your game in a down market," he says.

Ben Firestein, 42

Morgan Stanley * New York

Number of advisors: 65 Branch AuM: $5 billion* Branch Revenue: $60 million

if you're inclined to blame the bad market forallyour problems, you probably don't want to work for Ben Firestein. He believes there are plenty of opportunities for advisors to grow their businesses in the down market, provided they "over-communicate" with their clients: "If you used to talk to a client once a month, now do it once a week. Advisors who are hiding under their desks will lose clients, those getting in front of clients and making a plan for the next year or two will get new clients down the road," he says.

He's not easy on himself either. He's using his time these days to the boost the ranks of his Park Avenue branch. As Morgan Stanley's number-two recruiter, he has already poached seven people this year who bring in a combined $10 million in revenue.

Firestein credits his five-person management team for supporting the advisors during this period. And it's something he believes advisors deserve. "Brokers are giving up 50% or 55% of their revenue to the firm, so they should get something other than a phone and a desk," he says.

Patrick Maas, 57

Janney Montgomery Scott * Garden City, N.Y.

Number of advisors:43 Branch AuM: $26 billion*Branch Revenue:$17 million

Patrick Maas believes that the key to succeeding in a recession is to keep client relationships strong by "making more deposits in their emotional bank." He's encouraging his advisors to step up their communication with clients, even though they may not have good news to share.

To help them along, Maas says he tries to create a pleasant and productive working environment. "I know what it means to be a financial consultant and how tough that position is," he says. "I try to create a place where advisors are comfortable and can get things done."

Maas has 26 years of experience in the industry, starting in the Merrill Lynch training program and working as a producing advisor and manager until 1994. He moved from Prudential to Janney in 2002. He thinks that the current disruption among the wirehouses is helping Janney recruit some top advisors. In just the past three months, he has recruited five people, which is about the same number he would recruit in a typical year.