Some 35 to 50 advisers will be added in 10 of the existing markets. The East Bay area of San Francisco, South Bay and Ontario on the outskirts of Los Angeles get the new offices in the first expansion wave, Brent Long, Hendricks & Partners vice president, tells GlobeSt.com. And then comes the second phase–the Southeastern US.
The first hiring wave will bring three more advisers to Houston. And, says Long, "we are looking hard at Dallas and Austin." There is no plan to change the size of any Arizona teams. Those markets to be beefed up depend on respective market share, penetration, buying and selling activity and housing stock.
"We're doing this now because it's a good time to grow," Long says. "All of our infrastructure is in place." It also doesn't hurt that many of the firm's competitors are "retrenching," he adds. "It's a great time to build."
Long says Hendricks & Partners has ticketed the Southeast for its next move because its demographics are much like the Southwest. There's abundant product, good trading and new construction. "It's the next logical place to go," he says. With the first expansion phase, a Hendricks & Partners office will be in every metro west of the Mississippi.
The Phoenix-based firm has 74 advisers in its 23-market network. When all is said and done, some 150 could be at work in offices from coast to coast. But that kind of head count will come with time.
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