Dearth of Bonuses means N.Y. Advisory Firm has an Opportunity to Recruit

KBK Wealth Management plans to increase its assets under management over 150% in the next 18 months by recruiting midtier brokers.

Alan Brachfeld, the New York investment manager's chief executive, said in an interview last week that he plans to add three advisers quarterly from this quarter through the summer of next year. He expects each adviser to bring a book of business with $20 million to $120 million of assets under management, and he said his company, which currently has $400 million, will be able to pass the $1 billion mark by next summer.

Brachfeld said he started recruiting advisers in October, though the pipeline really started to heat up recently as advisers at large brokerages began receiving smaller bonuses — or in some cases, none at all — for last year...

Bank Investment Consultant: N.Y. Advisory Firm Sees an Opportunity to Recruit