Securities Week
June 26, 2000

AN ELECTRONIC HEAD HUNTER SEEKS TO ESTABLISH ITSELF

Since opening its e-doors for business at the beginning of last month, the response to BrokerHunter.com has been “unbelievable,” according to Steven Testerman, president and co-founder of the electronic head-hunting and recruiting tool.

Currently, Testerman said in a telephone interview last week, BrokerHunter.com has nearly 1,000 investment professionals representing $5.5 billion in potential assets and about $89 million in gross production posted on the web site.

Testerman also pointed out that the company he co-founded with his son, David, and which he describes as “kinda like a dating service,” is right in line with the recruiting industry in terms of the percentage –6%-of brokers it represents who qualify as “big hitters” or brokers with a trailing 12 of $1 million or more.

From May 9 through last week, according to Testerman, BrokerHunter.com has logged 35,762 visitor sessions, or an average of 831 per day.  Over 6,000 of these visitors were “unique”, he explained, which indicates the number of visitors counted once, minus the number of repeat visits.

Testerman added that about 20% of the visitors end up registering with BrokerHunter.com, including more than 230 firms.

Testerman and his son and co-founder, David, are betting that firms will like BrokerHunter.com’s low-cost alternative to typical head hunter fees and that brokers will fell a greater sense of security with the company’s vow to safeguard their confidentiality.

In addition to Series 6 and 7 registered representatives, BrokerHunter.com targets registered and non-registered sales assistants, operations people as well as other securities professionals.  The site is free for job seekers and offers a $200 bonus for successful candidates as well as a referral bonus.

The big money for BrokerHunter.com clearly will come from the arrangements it hopes to strike with firms.  BrokerHunter.com charges firms a 3% --that’s 2%-3% less than firms typically pay head hunters—on the trailing 12 of a commissioned sales professional and caps what it calls its “eFee” at $12,000.  For the hire of salaried positions, BrokerHunter.com’s eFee is 10% of the starting salary, with a minimum eFee of $2,500 and a maximum of $12,000.

Perhaps even more attractive to firms with highly active recruiting efforts would be BrokerHunter.com’s BranchPac option.  By signing a BranchPac with BrokerHunter.com, a firm would pay an annual up-front fee of $9,995 and eliminate all other hiring fees. In other words, a BranchPac entitles a firm to an unlimited number of hires at no charge.

Another innovative service that BrokerHunter.com offers firms, according to Testerman, is SmartAds.  For a monthly fee of $95, a firm could set up online hiring specifications via a SmartAd and then automatically receive e-mails whenever a job candidate posts a profile that matches these specifications.

According to Testerman, about half a dozen firms have signed BranchPacs with BrokerHunter.com, and more than 400 firms have placed SmartAds, which BrokerHunter.com currently is offering free of charge.

In its first six weeks of operation, Testerman said the BrokerHunter.com has placed seven people and is poised to sign several significant agreements with national firms.

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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