For the most part, our annual independent broker/dealer report card shows advisors have a high degree of satisfaction with their chosen firms. Yet the number of advisors affiliated exclusively with an independent broker/dealer has been declining on an annualized rate of about 1.9% for the past five years, according to Cerulli. What’s driving advisors to switch firms, or exit the IBD channel altogether? Largely, the data shows advisors’ businesses are changing, and the firms they affiliate with can’t keep up. Consider that these advisors’ revenue from fee-based business has soared passed what they earn from commissions. Almost three out of four say it’s "very likely" they’ll be with their same firm in two years.