Over the past few years, there’s been a strong focus on the movement toward independence and breaking free from wirehouses and broker-dealers to opt for the RIA route. Headline after headline touts this rush towards independence and the so-called, great migration of advisors leaving their big-name firms for RIAs. But is that just a storyline?
Remember, with those headlines comes all the money that RIAs are spending to try and lure advisors in and recruit them to join their independent firms. While the offers can be tempting, it’s important not to get blindsided by the dollar signs and see what lies behind the money. Is it really all it’s cracked up to be? As industry-leading Transition Specialists, 3xEquity sees beyond the headlines and offers a powerful perspective so advisors can find the right fit and not be overly influenced by headlines and big paydays.
In fact, despite the allure of independence and the money being thrown an advisor’s way, our 2022 Transition Survey shows that the same industry stalwarts still remain on top. Of the advisors surveyed, 57.7% moved from a broker-dealer to another broker-dealer, while 19.2% moved from a wirehouse to a wirehouse. Contrary to the industry news cycle, only about 11% made the jump from a wirehouse or broker-dealer to an RIA.
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