5 Top Takeaways From Annual Broker Report Card

In the 23rd annual Broker Report Card, our annual survey that lets financial advisors from the six major national brokerages rate their employers on a number of factors, advisors were, overall, feeling better about where they work. The average approval rating of 8.1, on a scale of one (lowest) to 10 (highest), almost reaches pre-crisis levels.

Yet one fifth of advisors say they have considered going independent in the previous year (five percentage points higher at Wells Fargo, Merrill Lynch and Morgan Stanley). Thinking about independence when markets are good is more “a statement of curiosity and fantasy,” according to Philip Palaveev of The Ensemble Practice. For now, life at the national brokerages is good. Especially as 93 percent say it is highly or somewhat likely they will remain where they are for at least the next two years.

View the cover story, Out From Under

View the Winners & Losers in the Annual Broker Report Card

 

 

How This Survey Was Conducted:

Between Oct. 7 and Nov. 7, 2013, REP. magazine emailed invitations to participate in an online survey to print subscribers and advisors in the Meridian-IQ database at the following firms: Edward Jones, Merrill Lynch, Morgan Stanley, Raymond James & Associates, UBS and Wells Fargo Advisors. By Nov. 7, a total of 2,333 completed responses were received (Edward Jones: 238, Raymond James: 411, Merrill Lynch: 66, Morgan Stanley: 123, UBS: 121, and Wells Fargo: 1,374). 

Brokers rated their current employers on 30 items related to their satisfaction. Ratings are based on a 1-to-10 scale, with 10 representing the highest satisfaction level. They were also asked additional questions about their firms, and respondents were given space to post their own opinions.

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