The independent channel has long been advertised as The Next Big Thing. With its 95,000 or so advisors, the independents are the largest subset in the industry. But the great diaspora of wirehouse advisors going indie never materialized. It is only starting now.
According to a Registered Rep./TD Ameritrade Institutional survey of 422 RR subscribers this June, 55 percent of the respondents who changed firms in the past year moved from a wirehouse firm.