Several months ago, Dennis Zank, the president of Raymond James & Associates, was on a recruiting trip in Oklahoma and met with a dissatisfied $700,000 wirehouse producer.
The producer had left one wirehouse for another, his deferred compensation paid in the new employer’s stock, which later plummeted. Zank asked this 24-year veteran of the major firm landscape to guess what percentage of revenues the producer’s brokerage arm contributed to the parent company. The advisor guessed: 38%? Not even close. That’s when Zank looked at him and said: “You want to be part of an organization whose contribution is relevant. I’m not interested in being part of something that’s not important.”
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