More than Half of Advisors Considered Switching Firms in the Past 5 Years
56 percent of advisors considered switching firms in the past five years with nearly one in four making the switch, finds a Fidelity Investments study. 92 percent of those who made the move said they were happy with the decision.
The study also found advisors increasingly moved to independent channels like RIAs and independent broker-dealers. And, advisors that moved are transferring more assets to a new firm -- $75 million in median assets in 2017 compared to $37.5 million in 2012.
So why are advisors moving? Here are what advisors identified as the top benefits to switching: they felt more confident about their future success, a greater upside in earning opportunity and more control over their future/destiny.