Most advisors who aren't currently affiliated with an RIA are intrigued at the idea of breaking away and say that wherever they end up, the migration out of commission-driven firms will continue.
According to the latest research from Schwab, 76% of advisors expect the number of independent advisory reps to keep increasing and 51% would consider such a move for themselves.
Andy's already covered these numbers from a recruiting perspective laying out what kind of advisors are willing to consider various types of overtures from RIAs.
But buried in the data are a few troubling details for fee-only advocates. Fully 52% of the advisors Schwab talked to say they'd keep at least some of their commission business and only 8% would switch to a true fee-only approach.
Trailing revenue streams in particular have always acted as "golden handcuffs" keeping advisors in the world of registered reps.
There are, of course, ways to transition those streams to whatever business model advisors want to pursue. But if you're making an offer, it makes sense to be sensitive to this resistance -- and have solutions in mind.