Perspective
How to lose an advisor in 9 months* ( ... or how to attract them to your firm now)
A look at the drivers that prompt advisor departures from a firm, and some of the strategies that might be employed to recruit them, including data from the 2023 Advisor Movement Research Study.
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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How to lose an advisor in 9 months, (...or how to attract them to your firm now).
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