"Most of the Insignia/ESG teams are leaving prior to the acquisition. Only a very small handful of Insignia brokers will stay on after the merger," said one Insignia insider. The source said "philosophical differences" over the way CB Richard Ellis handles business along with a glut of existing CB brokerage teams, is the reason behind the mass exodus.
"It's not that people don't like CB. It's a great company," said another broker, who recently left Insignia. "But they are set up in such a way where there are teams that do certain things and those teams are protected. For somebody to come in and break into that is really tough."
Insignia/ESG's corporate office, though, sees it another way. "The fact that the brokers in Phoenix have departed is really a localized issue due to the unique strength CB has in that market," the firm's spokesman told GlobeSt.com. The company he adds, has been successful in retention. "We're very confident with where we'll be once the merger is completed."
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