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Mindy Diamond on Independence: Key Insights From the Fidelity Advisor Movement Study

Louis Diamond talks with Scott Gorham, vice president of competitive intelligence at Fidelity Institutional, about advisor movement within and across industry channels.

 

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The conversation around “increased advisor movement” might seem anecdotal and obtuse at times, yet it’s anything but. The proof of such commentary comes from many of the industry’s leading reports—one most commonly referenced is the Fidelity Advisor Movement Study.

Conducted by Fidelity regularly since 2014, it’s a cross-industry survey exploring advisor movement within and across industry channels, with a focus on what advisors perceive as the benefits and barriers to making a move.

As a result of the pandemic, the 2020 Advisor Movement Study was conducted in two phases—allowing the intelligence team to isolate how the crisis impacted actual movement and whether it played into their mindset and consideration of changing firms or models.

To get greater detail on the numbers—and how they impact individual advisors and the industry as a whole—Louis Diamond sat down with Scott Gorham, vice president of competitive intelligence at Fidelity Institutional.

In this episode, they break down the data most relevant to advisors and share key insights, including:

  • Why 2020 was such a strong year for advisor movement—and which channels were the biggest winners of top talent.
  • How the pandemic impacted the recruitment journey—and why the imposed work-from-home environment actually served as motivation for many advisors.
  • What the most common concerns are for advisors who are considering change—and if those concerns were alleviated post transition.
  • What the advisor movement journey looks like—and how that’s changed over the years.

As Louis and Scott discuss, even with the world turned upside down in 2020, advisor movement was incredibly strong. Yet it’s statistics like 90% asset portability and 30% growth for RIAs that are most compelling.

Listen in to learn the trends that are anticipated to drive change into the coming year and beyond.

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Listen to more episodes of Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change.

Mindy Diamond is CEO of Diamond Consultants in Morristown, N.J., a nationally recognized boutique search and consulting firm in the financial services industry.

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