Question-and-Answer Session
Operator
(Operator Instructions) Your first question will come from Analyst for Brandt Sakakeeny - Deutsche Bank.
Analyst for Brandt Sakakeeny - Deutsche Bank Securities
On wealth management, could you maybe talk a little bit more about what's driving the early momentum in that business, especially given these tough, tough market conditions in real estate and credit? And then also, how do the economics on those burgeons differ from say your tip or your non-traded REITS?
Scott D. Peters
I think one of the examples of where we are in this particular cycle is in fact our wealth management program. Just briefly, for those folks who may not be aware, our wealth management program offers individuals or corporations the opportunity to invest with us, and we manage their opportunity to diversify their portfolio. We've had the opportunity to see what you would expect to see in this environment. Folks who have cash, who have had a transaction, have come to the marketplace and looked to put themselves back out as cash buyers. The wealth management transactions that we've completed have actually been 100% cash, no debt.
I think over time, of course, this will certainly change. It will also change as it relates to the economics, because our tenant-in common traditional programs have a leverage of typically 60% to 65%. These transactions, I would think, going forward in the wealth management program will have somewhat more modified debt, but certainly investors will take advantage of debt in order to increase their returns. But one of the things that we have seen is that people are seeing the opportunity with cash to make very good acquisitions in this particular marketplace.
Analyst for Brandt Sakakeeny - Deutsche Bank Securities
Do your reps need to be licensed in the same way to sell those burgeons as they do for TIC?
Scott D. Peters
We have the opportunity to do it both ways, one as a real estate investment, and the other as a securities investment. So it really depends upon the focus of the transaction coming from the investor.
Analyst for Brandt Sakakeeny - Deutsche Bank Securities
Can you give us an update on your broker headcount?
Scott D. Peters
We have licensed about 11 brokers in the system. It is a selective basis. Our focus, the focus of the Grubb and Ellis brokerage is still on transaction, transaction services, but this does give some brokers the opportunity to have another quiver in their arsenal if they find that they can, in fact, take advantage of it.
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