Wall Street Letter
May 15, 2000

TECHNOLOGY

ONLINE UPSTART JOINS BROKER RECRUITMENT FRENZY.

BROKERHUNTER.com, an online headhunter for brokers and their firms, launched its Web site last week, thereby entering competition with the industry’s traditional recruiters who have been feasting on fat compensation packages amid a shortage of broker talent.  Steven Testerman, president of BROKERHUNTER.com, said he got the idea for the Web site by studying traditional online job boards, where brokers’ resumes “tend to get lost.”  He added that the creation of an online recruiting service specifically targeted to brokers was inevitable, given the growing importance of the Internet.

One broker, who recently received a card from the firm as part of a direct mailing campaign, said that although he isn’t planning on switching firms, he intends to investigate the Web site because “it’s good to know what’s out there. Maybe I might change my mind [about moving].”

One recruiter bristled at the idea on online service would pose any significant threat to his business.  “This is an intensely personal business, and relationships are important .  The placing of brokers does not lend itself to the Internet.”  He added, explaining that Internet job services would not ensure secrecy as well as brick and mortar recruitment firms.

Testerman pointed out that casual surfers of the site can access details about an anonymous candidate’s gross production, assets under management, years in the business and Form U4, but must register with the site and receive broker approval in order to obtain a broker’s identity.

BROKERHUNTER.com has several payment plans for firms, including a placement fee of 3% of a broker’s trailing 12-months’ commissions, roughly half of what most recruiters make.

BrokerHunter Facts: BrokerHunter.com is an employment website for jobs within the Securities Industry segment of the Financial Services Industry.

In summary, this is the place for you to find employment, jobs, careers, opportunities, new jobs, permanent jobs, job placement information or a new position within the Securities Industry segment of the Financial Services Industry.

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