Financial professionals want to feel comfortable with their broker/dealer’s culture. A large majority (86%) say they prefer to work with a broker/dealer that aligns with their values. Additionally, among the biggest considerations that might lead financial professionals to switch broker/dealers is if their current one is acquired by another firm or if they’re worried about their current firm’s sustainability.
“Culture” can be hard to define, but financial professionals know a culture that aligns with their values when they see it. Kestra Financial's own qualitative research found that financial professionals who recently switched report experiencing a “good feeling” or “good vibe” when they visited their new broker/dealer. Energy, youth, diversity and cutting-edge ideas often attract financial professionals, as do the quality of training, the accessibility of executives and an emphasis on peer networking.
“It was important to me not to be stuck in the typical oldschool boys club broker/dealer,” said one financial professional who had recently switched to Kestra Financial. Moreover, financial professionals who gravitate toward certain cultures affirm the values of those firms, creating a self-perpetuating cycle that draws in like-minded people.
Of survey respondents who have changed broker/dealers in the past three years, 41% say they were dissatisfied with their previous firm’s culture, compared to just 12% of financial professionals overall who are dissatisfied with their current firm’s culture. Meanwhile, 40% of this group say they were dissatisfied with their access to top executives, compared to 19% of financial professionals overall who are currently dissatisfied with that access.