How to lose an advisor in 9 months* ( ... or how to attract them to your firm now)

The 2023 Fidelity Advisor Movement Research Study reports on the motivations and actions driving advisor movement. While a little over half of advisors surveyed are entrenched at their respective firms, 47% either intend to switch or are considering a move. Given the importance of talent to the success of an advisory business, firm leaders and principals need to understand all the drivers that prompt advisor departures and consider the strategies and tactics that could be employed to retain and/or recruit these advisors.

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Key Insights

  • Over the past five years, 1 in 6 advisors have moved to another firm, or started their own. Currently, 47% of advisors say they either intend to switch or are considering a move.
  • Independent channels are top destinations for "movers," with many advisors transitioning to IBDs, hybrid RIAs, and independent RIAs over wirehouses and banks.
  • Compensation matters, but it's not the be-all and end-all. Multiple variables about a work environment vie with compensation for the top spot in driving advisor movement.
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