2001 Articles
- On Wall Street. “Legg Mason Captures $12 million Dallas Duo.” June 2001. Legg Mason has lured a two-man, $12 million team – the highest-grossing brokers ever to join the firm. Kyle Bass and Steve Fitzpatrick, who had been with Bear, Stearns, will join a newly created Legg Mason office in Dallas, Tex. According to Rick Peterson & Associates, the recruiting firm that brokered the move, Bass and Fitzpatrick will now be able to compete against their former Bear, Stearns colleagues for business.
View full article… - Registered Representative. “The Salaried Stockbroker.” Michael Hayes. May 1, 2001. Although salaries serve a purpose for some, industry observers wonder whether the appeal is long term. Peterson has a question for brokers thinking about salaries during this market pullback. How committed will you be to the salary structure when the market rebounds?
View full article… - The Wall Street Journal. “Pay Packages for Brokers Shrink as Market Constricts.” Cheryl Winokur Munk. March 28, 2001. Historically, firms had offered recruiting packages in the range of 75% of trailing commissions, said Rick Peterson, owner of Rick Peterson & Associates in Houston. But payouts heated up along with the market and competition. … Just because recruiting packages are shrinking doesn’t mean firms have stopped hiring. In fact, hiring has picked up because the regional firms are once again able to participate, said Peterson, the recruiter in Houston. “They can compete at these levels.”
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