The number of advisors switching firms dropped 23 percent in May versus April, according to Discovery Database. The research firm’s data show that 1,506 reps changed b/ds in May, compared with 1,961 in April.
Further, the number of wirehouse reps making moves dropped 35 percent to just 655 in May, from 1,014 in April. Of those 655, 40 percent stayed within the wirehouse channel.
Regional broker/dealers and independent b/ds picked up about the same number (117) of breakaway wirehouse brokers in May. In April, regional b/ds gained a few more wirehouse reps than independent b/ds did.
Just last week, two Smith Barney teams joined Raymond James’ regional b/d arm. The Sextant Group had more than $2.3 million in annual revenue and managed more than $370 million in client assets at Smith Barney. The Miedema/Gordon Group managed client assets in excess of $190 million and generated approximately $1.9 million in annual revenue.