The Great Migration: Financial Advisors Moving from Wirehouses to Independent Broker/Dealers

The United States was founded by people who voted with their feet—brave individuals who chose to leave the Old World behind to carve out a new future in their own vision. From the migration west in the 19th century to the contemporary phenomenon of moving from high tax states to lower tax states, Americans have […]

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The Great Migration: Financial Advisors Moving from Wirehouses to Independent Broker/Dealers

The Great Migration: Financial Advisors Moving from Wirehouses to Independent Broker/Dealers

The United States was founded by people who voted with their feet—brave individuals who chose to leave the Old World behind to carve out a new future in their own vision. From the migration west in the 19th century to the contemporary phenomenon of moving from high tax states to lower tax states, Americans have never stopped taking control of their future.

Today, financial advisors concerned with serving their clients in the best way they know how and building a business they can believe in are voting with their feet, as well. In 2018, 235 advisors/teams with over $61 billion in client assets left the large wirehouses; the previous year, the outmigration was 265 advisors/teams with nearly $80 billion of client assets.1

This trend continued into 2019. As of the end of the third quarter, the major wirehouses suffered more than 1,300 net advisor defections, while independent broker/dealers added a net 1,287 advisors.2 Advisors are making their preferences clear, with their feet, by leaving well- known national wirehouses for the independent broker/dealer model.
In this white paper, The Great Migration: Financial Advisors Moving from Wirehouses to Independent Broker/Dealers, we explore the flight of financial advisors from the wirehouses to the independent broker/ dealer (IBD) channel, discuss the relative merits and drawbacks of these competing platforms, and identify the six key criteria by which an advisor should judge an IBD.

Download the Full White Paper Here

About The Author

Bill Betz

 

Marketing Communications Coordinator 
631.439.4600, ext. 180 

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