Earlier this week, FiNet announced plans to expand its regional network in order to respond to its growing advisory force. FiNet hired four regional directors to grow its business in the Southwest, South Pacific, Great Lakes and New England regions.
FiNet lured 160 financial advisors with $73 million in assets to its network last year, most of whom were wirehouse employees. It also brought over about 20 brokers from Wells Fargo's employee channel to total 850 advisors with about $40 billion in client assets. Peluso said he wants to grow production by $80 million to $90 million in 2010.
While recruitment will continue to focus on tapping traditional brokers with a minimum of $250,000 in production, Peluso said RIAs could be the next pocket of advisors to go after.
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