More than 50% of wirehouse advisors opted to transition to a competing wirehouse rather than going independent or joining a regional or boutique brokerage firm Here are the real facts for elite wirehouse advisors exploring a move to independence The wealth management industry is undergoing a major shift as more and more financial advisors break away from wirehouses and transition to independent registered investment advisors (rias).
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The greatest instability each of the four firms faces is the continued diaspora of its financial advisors, the most productive and profitable in the wealth management industry.
A decade ago, wirehouse executives dismissed concerns about advisors leaving, pointing to stable headcounts, but the shift has proven undeniable
Cerulli data projects wirehouse market share. It’s evident that the channel’s advisors are moving toward where they see the most opportunity As evidence of the competition between wirehouses for talent and assets, 1,544 wirehouse advisors moved to a competing wirehouse in 2021. Advisor moves to independent channels remained steady during the height of the pandemic and were up 2.6 percent in 2021 compared with 2019
