Independent broker-dealers open up their coffers While the wirehouses have dramatically pulled back in recruiting new brokers, broker-dealers that pay reps as independent contractors are spending like crazy to hire new talent. A key metric for broker-dealers when recruiting new brokers and advisers is the amount they spend on forgivable notes or loans, which firms pay advisers both as a signing bonus as well as a way to defer the cost of moving their businesses to a new broker-dealer. (Investment News)