RJ & Makay Blog

Apple-to-Oranges Opportunities are Red Hot

This is the most challenging market most Financial Advisors have ever seen. They have seen their client’s assets take a hit; their deferred comp plummet; the reputations of their firm and industry dragged through the mud; and has witnessed firms fail and merge in such a way that would have been unimaginable even a year ago.

To add insult to injury many banks and brokerage firms are either neglecting or putting the squeeze on the bottom half of the industry brokers. Whether it is through nominal or no retention packages at all, transition packages that pale in comparison to those the top producers get, annual cuts in commission payouts, or being targeted for layoffs.

So if you are in the third or fourth quartile in regards to production what choices do you have? If you feel your clients and your family would be better off in a different situation what are your options?

“Our message to most of the neglected advisors out there is that there are compelling choices and opportunities,” says financial recruiting firm RJ and Makay CEO Darin Manis.

RJ & Makay Opportunities

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RJ & Makay® is North America’s leading recruiting firm dedicated solely to the financial services industry. We have more than 200 financial industry recruiting specialists providing “human capital for the capital markets.” More than half of the financial services firms in the Fortune Top 50, and over a third of the Fortune Top 100, utilize RJ & Makay® for their recruiting needs. We represent top tier boutiques and respected mid-size and large firms as well. Our philosophy in practice is founded on unwavering integrity; built upon our extensive expertise in financial services; secured by our total commitment to confidentiality; and finally, propelled forward by our relentless pursuit to be the best at what we do. Through the thousands of relationships we have had the privilege to build over the years we are reminded daily that our success has been perpetuated by our fundamental principle of treating each financial professional as if they were our only client. This business, as so many others, is built around relationships. We not only understand this we have embraced this philosophy for years. Many of the people we have placed have come after years of developing and cultivating trusting relationships. We’re honored that each month hundreds of professionals choose us to represent them to the best firms in the financial services industry.

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    DENVER, Oct. 15 /PRNewswire/ -- Wachovia (WB) was forced into a shotgun
wedding with Citigroup (C) and then before the honeymoon started reneged
for another forced marriage with Wells Fargo (WFC)

    "This isn't just a shotgun wedding between Wachovia and Wells Fargo.
It's a marriage of three firms at least. Its corporate polygamy," says RJ &
Makay CEO Darin Manis. "You have a marriage of Wachovia and all its parts,
AG Edwards and Wells Fargo. No one likes a shotgun wedding. A shotgun
polygamous wedding is even worse."

    "Wachovia is a culmination of many previous takeovers," says Manis,
"First Union, Evergreen, Prudential, Golden West and AG Edwards all fly
under the Wachovia banner -- now make that riding the Wells Fargo horse
carriage."

    "A year and a half after the Wachovia/AG Edwards marriage they still
haven't been able to merge their platforms or technology. The two still
aren't on the same compensation grid. A new and revised combined grid was
expected in the fourth quarter," adds Manis.

    "It's been a year now and Wachovia and AG Edwards are still not on the
same page. Now throw Wells Fargo in the mix. This won't take just a couple
of years. This is going to take many years, perhaps nearly a decade before
these three truly become one," says Manis.

    Wachovia's divisions could prove to be as difficult and dangerous as
Medusa. Eight arms at least, each with their own issues. Wachovia
Securities (brokerage arm), FiNet (independent arm), Investment Services
Group (banking brokerage arm), the Private Bank arm the Investment Bank arm
(which Wells is getting rid of), the bank branch arm, Evergreen Investments
and AG Edwards.

    AG Edwards advisors received a retention package (as well as Wachovia
advisors to a lesser degree) when Wachovia bought them. Questions are being
raised if Wells Fargo will offer an additional retention deal and if so how
much. "I don't believe Wells will offer any meaningful retention package if
they offer one at all. The advisors are already under a retention deal that
is only about a year old," says Manis.

    Manis adds, "The only position of strength Wachovia had going into this
deal with Wells Fargo was that Citi came to their rescue, keeping them out
of bankruptcy. I don't expect they will be receiving anything more than a
nominal token retention deal. I wouldn't be shocked if they didn't get one
at all."

    About RJ & Makay

    RJ & Makay is a financial recruiting firm exclusively servicing the
financial sector. About half of the financial firms in the Fortune Top 100
utilize RJ & Makay for various recruiting and consulting services. For more
information visit http://www.rjandmakay.com.

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RJ & Makay’s New Video: ‘Non-First-Quartile’ Financial Advisors Getting Some ‘Love’

RJ & Makay’s New Video: ‘Non-First-Quartile’ Financial Advisors Getting Some
‘Love’

DENVER, Feb. 5 /PRNewswire/ — This is the most challenging market most
Financial Advisors have ever seen. They’ve seen their client’s assets take a
hit — their deferred comp plummet, the reputations of their firm and industry
dragged through the mud, and have witnessed failures and mergers which would
have been unimaginable even a year ago; from Merrill Lynch and Bank of America
(BAC), to Morgan Stanley (MS) and Smith Barney (C). Now there are even rumors
about UBS (UBS) and Wachovia brokerage combining.
    To add insult to injury many firms are either neglecting or putting the
squeeze on the bottom half of the industry broker producers, through nominal
or no retention packages, transition packages that pale in comparison to those
the top producers get, annual cuts in commission payouts, or being targeted
for layoffs.
    If you’re a third or fourth quartile advisor who feels your clients and
your family would be better off in a different situation what are your
options?
    “Our message is that there are compelling choices and opportunities,” says
financial recruiting firm RJ & Makay CEO Darin Manis. “Just because your
current firm doesn’t love you doesn’t mean another firm wouldn’t love to have
you,” says Manis.
    RJ & Makay just released an entertaining two-minute video about
alternative opportunities. http://www.rjandmakay.com/featured-video It is the
third video in a series targeting FAs. Previous videos have received more than
15,000 views.
    “We’ve never seen such a strong interest in alternative opportunities.
We’re setting hundreds of monthly interviews with advisors looking at
independents, hybrid models, banking brokerage and investment management
options,” says Manis.
    “There will always be an interest in apples-to-apples moves like a
wirehouse-to-wirehouse. However, alternative options which have either warm
leads, higher payouts, or different structures and cultures are red hot right
now with FAs.”
    Advisors making low to mid 20’s on their payout are seriously evaluating
what they are getting for the 80% they are giving up.
    “If you can go from a net income of $75,000 to $180,000 without adding a
single additional client you just have to investigate the opportunity. $75K to
$180K is not just a different tax bracket, it’s an entirely different
lifestyle,” says Manis.
    “When FAs hear they can double or triple their income and get around a
25-50% transition package they raise their eyebrows,” says Manis.
    It looks as if non-first quartile brokers are loved after all. It just may
not be coming from their current firm.
    About RJ & Makay
    RJ & Makay is a financial recruiting firm exclusively servicing the
financial sector. About half of the financial firms in the Fortune Top 100
utilize RJ & Makay for various recruiting and consulting services. To learn
more visit www.rjandmakay.com.
SOURCE  RJ & Makay

Scott Lorenz, +1-734-667-2090, or cell, +1-248-705-2214, for RJ & Makay

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9 Keys to Job Search & Career Success

By: Michelle Dumas

n recent months, the job market has become increasingly competitive. But even as the economy slows, and there are increasing numbers of job seekers in the job market, there are many professionals who have been incredibly successful in conducting fast, effective job searches. What do they have in common? How are they doing it? Here are nine tips to speed your own job search and drive it to a fast, successful conclusion.

Know what you want and go after it. Starting a job search without knowing what you want will almost certainly end in frustration. Think about it: If you don’t know what you want and what your job target is, how will you know who to contact and how to conduct your search? If you are uncertain about your career goals, it is critical that you spend some time and energy now - before launching your search - on self-introspection and analysis. Knowing what YOU want, what YOU are passionate about, and what YOU bring to the table will provide you with a confidence that simply can’t and won’t be matched by many of your competitors in the job market. This is the crucial first step to any job search and is essential for long-term career success as well.

Know and sell your personal brand. When you think about your next career move, how would things be different for you if employers and recruiters actually sought you out? Personal branding (the process of clarifying and communicating what makes you and your unique value proposition different and special) allows you to make a name for yourself. It differentiates you from your peers and helps to position you as a leader in your field - as a specialist and an authority who knows how to do a job and fill a particular niche in the workplace better than anyone else. Once you are clear on your personal brand, you can use it to project a cohesive brand image and value proposition throughout all your job search activities, and do so in a way that addresses the specific concerns of your target audience. By knowing and promoting your brand, you achieve instant, precision-like focus that positions you as the ideal candidate for the specific type of opportunity that interests you. You gain immediate competitive advantage.

Be able to clearly articulate who you are and what you have to offer. While this may feel uncomfortable to you, the simple truth is that a job search is a sales and marketing campaign: a sales and marketing campaign in which YOU are the product. Through the process of personal branding, you must identify what differentiates you and paint a compelling portrait of your unique value proposition. But, don’t stop with just promoting this in your resume and then become tongue-tied when someone asks about you and your candidacy. You will hear the “what do you do?” or “tell me about yourself?” questions over and over, both during your job search and throughout your entire career. Don’t wing it! Preparation is the key to confidence and the key to making a lasting, positive, and memorable first impression. Be ready with a 30-60 second pitch that immediately and confidently conveys to the listener who you are as a professional and what it is that you offer.

Make their first impression your best impression. Take a hard look at your resume. Like it or not, your resume is your first introduction to most employers, and your only chance to make a good first impression. Effective resumes are highly focused marketing pieces that are strategically written and designed to sell YOU as THE best solution to a potential employer’s needs and problems. Your resume should be written to convey and illustrate your unique value proposition, with succinct “stories” that differentiate you from your competitors in the job market. Does your resume accomplish these goals? Is it focused effectively? Does it accurately present you in the way that you wish to be presented? If not, it is time to rewrite.

Network, network, network…and then network some more. At least 80% of all the jobs are found through the “hidden” job market, also known as the “unpublished” job market. These are jobs typically landed through word of mouth and referrals as opposed to answering ads, posting your resume to internet databases, or other techniques meant to target the remaining 20% of all jobs in the published market. It stands to reason that if the vast majority of the jobs are to be found in this hidden market, that you should spend the majority of your job search time working to crack it. There is no more effective job search technique than networking. So, even if it feels a little uncomfortable at first, just get out there and do it. Make networking a part of your daily routine and plan to spend the majority of your job search time on networking activities (approximately three-fourths of your time is a good estimate). The more you network, the faster your current job search will come to a successful conclusion and the faster and more successful any future job searches will be.

Plan and execute a multi-pronged job search campaign. Yes, networking is essential, but other job search techniques are also important. An effective job search campaign is a multi-pronged one that includes the strategic, planned, methodical use of a variety of job search approaches. Answering ads alone is almost never enough. Neither is working with headhunters, using internet job search sources, or researching and targeting specific employers. But, when you combine all these approaches with networking, carefully evaluate and prioritize the approaches based on relative effectiveness, and then launch an integrated, multi-pronged job search campaign, you will always come out ahead. The best job search is one in which the job seeker approaches it as if it was a job itself.

Build a support team. While your preparation will certainly ease the whole process, job searching can be a grueling and very stressful experience. So, I want to remind you that you don’t have to go through it alone. You should build a support team around you of people who can help you stay motivated and on track while giving you honest feedback and helping you stay accountable to the goals you set for yourself. Family and friends, past and present managers, your peers and colleagues, financial advisors, and professionals in the careers industry such as career counselors, coaches, and resume writers all make excellent people to add to your team. By assembling a good mix of people to support you, from a diversity of backgrounds and professions, you will receive a variety of different perspectives, ideas, and insights that can be very helpful. You should consider joining a job search support club or group - a local one if one is available or an online one. If you have been provided with outplacement services by your former employer, by all means take advantage of the office space and resources offered. The point is that you don’t have to and shouldn’t conduct your search in isolation. Surround yourself with a team that will help and support you. Above all, recognize when you need support and don’t be afraid to ask for assistance and guidance.

Always follow up. Following up on all of your contacts and your activities can do more to influence your success in achieving your job target than anything else. A hand-written thank you note or a more formal, typed thank you letter after speaking with a networking contact, attending an informational interview, or after attending an actual job interview can make a lasting positive impression that gives you a distinct competitive advantage. A follow-up phone call on every resume you send, whether it is a resume sent cold, in response to an ad, or based on a referral from one of your networking contacts can make all the difference in whether your resume is actually read and considered or not. A consistent method of follow up is key and you must make the time in your schedule to do so. Follow up will positively influence decision-makers, it will help key the process moving along, it will show your interest and your professionalism, and it will position you above the competition.

RJ & Makay 9 Keys

Placed here by RJ & Makay

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By: Ian Christie

Why is this question important?
One of the most important career and life-planning activities you can engage in is finding your own definitions or models of success. This is vitally important for a number of reasons: If you haven’t done this, how do you know what’s best for you? How can you make career decisions if you aren’t crystal clear about how you define success? How can you be happy if you don’t know when you’re successful?

If this question is relevant to you right now…
There is never a bad time to discover and be clear on your definition of success. Today’s economic realities make the timing even better. If your career hasn’t gone according to plan, or even if it has, reexamine what it is you actually want. Doing so can make you a lot happier.

Successful — on Whose Terms?
If you haven’t taken the time to define it, success has already been defined for you. You’re already following models of career and life success. The question is whether they are your own, or ones you inherited. One of your greatest career challenges is identifying goals and definitions of success that are true to you rather than ones you inherited from family, society and other outside forces. Your current model of success may or may not work for you. The important thing is understanding your assumptions and questioning them.

If you follow a path to success that isn’t your own, you may achieve your goals, but when you arrive at your destination, you may not feel successful or fulfilled at all.

Keep in mind that your existing job may hold the key to your happiness. For example, if you were to discover that making your customers happy was the one thing that defines and inspires you, what would that do to your focus and state of mind?

Choose Your Own Definition of Success
You have the power to reaffirm existing models or adopt new models of success. All it takes is some honest thinking, clarity of purpose and the discipline to stay true to your values in the long run.

Accept There Are Always Alternatives. The very fact that so many of us have not questioned the paths we are on speaks to a lack of awareness or acceptance of alternate paths. There have never been more options or valid ways of defining career and life success.

Examine Your Path. Do you love what you do? Do you do fantastic work as a result? Does your work complement your personal and family life or detract from it? Are you excited about your vision of the future? Is this your best use of your precious gifts and time?

Create Some Quiet, Introspective Time. Ask yourself these questions:
What makes me happy? How do I feel? What do I want? And then, answer a question from the coaching school CoachVille.com, “I know how successful I am by how (fill in the blank).” The answers to this question will point you in the right direction. You can have several definitions of success as long as they don’t contradict each other.

Refine Your Responses. Ask yourself “why?” and “is that what I really want?” after each response to the statement until each rings true. For example, if your first response was, “I’ll know I am successful when I am a millionaire,” ask yourself why you want to be a millionaire. You might, for example, find out that success for you is to have the freedom to use your time as you wish, or the ability to travel or be rid of financial worries. This process may lead you to make other decisions in your life that will help you reach your goal.

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10 Common Career Management Misconceptions

By Tony Jacowski

Most people do not believe in career management, they only believe in career damage control - which means when something goes wrong they will fix it. Until then, most people don’t bother to manage their careers to prevent disasters from occurring in the first place.

Listed below are ten misconceptions with regard to career management:

1. Only the most qualified people get the job - This is simply not true. It does not matter how qualified you are for the job. What matters is the way you have presented yourself during the interview process. Qualifications are not the only criteria for getting good jobs, other things like dedication, confidence and attitude also matter.

2. No need to work at a career just because you have a job - This could be the biggest mistake you make - and quite possibly the most popular misconception. This way of thinking has potential for disaster. You never know when you may be downsized or laid off from your current job, and if you do not have a career plan then you are in serious trouble. Make sure that you spend some time on managing your career even if you have a job. Do small things like update your resume and network with your peers.

3. Professional education stopped after graduation - This cannot be further from the truth. You need to continuously work at your professional education to maintain a competitive edge. Read trade magazines, write articles for relevant magazines, attend seminars, and pursue certificate and training courses.

4. The most generous salary is always offered - This is not true. In fact most employers offer a low salary just to see your negotiation skills. This is an old trick of the trade, where the employers check to see whether the candidate has done sufficient research from every angle.

5. I have job Security if I perform well - This is not true, especially in an economy where downsizing, mergers and outsourcing seem to be the order of the day. No one has a secure job, no matter how well you do your job. You have to take a hands-on approach by managing your career properly to ensure security.

6. Only a resume is required - All job seekers need to have certain tools for job hunting and the resume is only one of these tools. Other tools include cover letters, references and so on.

7. Recruiters are sufficient for job searching - No, they are not. Yes, recruiters will help you and guide you in the best way possible, but you cannot leave it completely up to them to get you the best job. You have to be proactive and take charge in your job-hunting process.

8. Employers are responsible for defining career paths - No, employers aren’t responsible for anything except getting the job done. You are the only person who is responsible for getting your career on the right path and for defining the way you want your career to head.

9. No need to network - Networking is essential to every business and for every person. You as a career oriented person need to constantly network. It is one of the most important aspects of career management.

10. Jobs are easily identifiable - Most people think that jobs are posted on the Internet or advertised in newspapers. This also is not true. Only a small percentage of jobs are advertised in this manner. Most people identify jobs by networking.

RJ & Makay 10 Misconceptions

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By Tony Jacowski

Actually, the age factor is now a myth. The advantages of being a worker over forty are many, including having stronger work ethics, higher productivity, more patience, and a higher level of willingness to learn.

In addition, older workers often have a better, more cooperative attitude than younger associates.

Dispelling the Age Myth

Primarily, the age aspect can be overcome by marketing yourself well. The richness of experience that you have is your greatest strength. Having had varied job positions contribute to your qualifications, as you have been exposed to a varied strata of people, situations and work settings.

All this helps in a number of ways - such as problem solving, making presentations, writing reports and meeting high work standards and expectations. With specialized industrial expertise, employee reliability and empowerment to gauge situational angles, this age group is viewed positively by many employers.

All in all, general life wisdom possessed by workers over 40 contributes to their ability to handle different, complex business situations.

Managing Your Career

An important point to remember is that if you are over 40, you are in the prime of your career, as long as you keep updating yourself with the latest skills and on the newest advances in technology.

With updated information, you will definitely be able to prove yourself an asset any company. Your experience and familiarity with varied responsibilities will bet the most important aspect of what you have to offer.

If you perceive that your age could be a problem with a particular company, makes sure that you understand what concerns the interviewer may have. Chances are that if you project a professional image and are positive and upbeat, they will see that you are the right person to handle that particular job with the efficiency that they expect.

Career Management for People Over 40

Simply put, career management is about regularly reviewing your skills, interests and financial needs and what you’d like to do over the next five years. Just as a business needs to plan its direction, finances and look at the big picture, so also is the case with each individual jobseeker.

Guidelines for Career Management

-Your aim should always be to look five years ahead.

-Your career path, in terms of direction, should be determined.

-Stepping stones or promotions are important to get you to your goal.

-Study, in combination with your regular job, will helps with developing a new career.

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By Abhishek Agarwal

Things have changed a lot. Decades ago, you can easily get a job even if you are a teenager. You only have to apply for a job and easy as 1, 2, 3, you get the job. And, if never you don’t get the job, you won’t even have to worry, because your parents will surely be there to cushion you for a while. Those were the days when you need not worry about paying the bills or if you are making enough money, but those days are now over. Once you reach your mid to late twenties there no more buffers and cushions. Its time to get a real job, even a career, if you can. It’s not as easy as 1-2-3 however, and you can’t just enter a store, get an application and you have a job.

Do you want a career? Finding something you want to stay and take on for years is even more difficult. Looking for a job you really want can mean a lot of effort and hardships for you. Many people embark on this kind of job search by themselves, which is quite difficult. The best way is to look and hire a career management company that help people land their dream jobs, with all the benefits and advantages befitting their position. An example is the Global Career Management. This company specializes in placing the people that enlist their services in careers that suits the applicant and the career that they want. A career after all is a life changing decision, as this could be your job for the rest of your working life. Being stuck in a jobs you hate certainly is not the picture you want, especially if you can have one career that pays well and makes you happy. If you want one, then Global Career management is for you, and with them you’ll definitely be in good hands.

But why should you enlist for the help of agencies like Global Career Management? Many of your friends probably found a job on their own and by their own determination. But the question is, how happy are they with their jobs? If asked, you’ll be sure to get some complains. Global Career management knows that a career, no matter how perfect it is for you, is work a job. Working can be stressful and it consumes a lot of your time, so it’s important that you like and enjoy doing your job.

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Author: Dennis Abenanty

Most people can recall at least one time when they needed help with something and without hesitation a friend or relative offered a referral. Have a pain in your neck? See Dr. Weber. Need a math tutor? Call Mary Jones. Not sure how to report the gain on the sale of your home? Call my tax guy.

But as quick as they were to recommend a doctor, a tutor, or a tax preparer, do these same people know what you do? If they were in a similar conversation with someone about what you do for a living, would they even think of offering your name? If they tripped over the perfect job for you, would they know it? For most of us, the answer is, no.

It is your job to help people understand what you do. You need to create a marketing campaign about you, so that job opportunities will come to you without you even being present in the conversation.

Consider this conversation between a data security manager and a friend:

Data Security Manager: “If I don’t find someone quickly who knows about Extranet & Internet DMZs and network security, I’m going to have some serious problems on my hands. Just today we had another major problem with our PIX Firewalls and Split Managed VPN, and all our routers and switches went down.”

Friend: “I haven’t the slightest idea what that means, but I know a guy who does. Here’s his name and number; give him a call and maybe he can help.”

Whether you are in the market for a new job or not, this is how you want to be known. But before you start broadcasting to the world what you do, prepare a carefully thought out marketing pitch and try it on some trusted colleagues.

Avoid Expansive Labels

Telling people you are a banker, a consultant, or a sales person won’t even begin to educate them in what you do. Be more specific.

A lawyer can be a criminal lawyer, an intellectual property lawyer, an immigration lawyer, a securities lawyer, a real estate lawyer, a tax lawyer, an international lawyer, a family lawyer, and a multiplicity of other specialties.

Educate

Much like the lawyer paradigm, telling someone you are a programmer is not precise enough, but might also evoke a deer-in-the-headlights question, “So…what do you do, then…?”

Don’t assume the other person knows much about computers. Be prepared to define your specialty at varying levels of understanding, and be patient even if you have to explain Programming 101; “Computers follow instructions from programming languages that require a great deal of precision and completeness to enable the computer to produce the intended action. There are many different languages, but my specialty is helping companies design first class web pages using HTML programming.”

Promote Your Value Proposition - Not Yourself

Offering your job title does little to help people understand what you do and can also be perceived as condescending. Think in terms of a marketing brochure, not a resume.

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