KBK Wealth Management plans to increase its assets under management by over 150 per cent in the next 18 months by recruiting mid-tier brokers.

The New York investment manager's chief executive Alan Brachfeld told Bank Investment Consultant that he hopes to add three advisors each quarter from this quarter to the summer of 2010. He expects each to bring a book with $20 million to $120 million of assets under management, which could take the current $400 million to $1 billion in that time.

Mr Brachfeld said he started recruiting last October, with more hires coming as large brokerages began giving smaller - or no - bonuses for 2008.

"These mid-level brokers are being left out in the cold with respect to bonuses," he said. "Bonuses have become a touchy subject for banks and the public, and now advisors who perhaps once enjoyed the security of a larger firm are more willing to consider working for an independent advisory firm."