Fewer and fewer financial advisors are leaving one wirehouse for another these days, according to data from Discovery. Back in November of last year, 63 percent of wirehouse reps who switched firms went to another wirehouse. Today, that’s plummeted to just 28 percent. So where are they going instead? More and more, they are heading to independent, regional and institutional firms.
Recruiters and consultants say that’s partly because record upfront deals and bonuses have slipped a bit, and partly because the appeal of independence is growing—some clients blame Wall Street’s biggest banks for their investment losses of the past year and are telling advisors that independent advice is better advice.