InvestmentNews
March 5, 2001

E-headhunter going for brokers

One website that helps brokers and other financial professionals find jobs has exploded - in the positive sense.

BrokerHunter.com "is not a dot-bomb," insists its founder and head, Steven Testerman.

The brokers listed with BROKERHUNTER.com have 50.8 billion in assets under control, up from about $5 billion last summer, he says. The site is a little more than 10 months old.

The Atlanta-based firm has about 9,000 financial professionals - half of them brokers-interested in finding work, says Mr. Testerman. The others include sales assistants, analysts and investment bankers.

The site's fees undercut in-the-flesh headhunters by about half, says Mr. Testerman. For example, if a firm hires a broker, it pays Mr. Testerman 3% of the broker's prior 12 months' commission or a minimum of $2,500.

The typical recruiting fee is close to 6%, says Mr. Testerman, who worked both in the computer industry and in the brokerage business before getting the idea for his e-business two years ago.

While declining to reveal its revenue or profits, he says that the business has made money from Day One. Is he speaking to investment bankers about going public? "Not in this market," he responds.