“The environment that you have right now is that every broker/dealer is fighting tooth and nail to meet their recruiting goals and to continue inorganic growth endlessly,” he added. “Recruiting budgets, they’re for good governance. Every firm has one, but they’re incredibly elastic. When you catch a firm that’s on a wild tear recruiting, there’s a capital partner, or they reset capital even within their own organization to keep it up, because you never know when the sun’s going to go down. So this kind of b ...