Fewer Advisors Actually Make The Move To Independence Than Previously Thought

Thursday, April 12, 2012 10:57
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Fewer Advisors Actually Make The Move To Independence Than Previously Thought

Tags: Advisor businesses | breakaway brokers

Advisors may say they want to be independent but far more decide to stay put. A new survey indicates that 70% of advisors seriously consider the move to independence. This is in line with other reports saying the trend toward independence is increasing.

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Where this report differs is in the percentage of advisors who actually do move. Only 10% seem willing to take the risk, partly because of financial considerations. With wirehouses increasing upfront bonus offers to attract high quality advisors, the considerations involved in becoming an entrepreneur become more weighty. Timing can have a lot to do with the decision. After looking at what’s involved, becoming an entrepreneur sometimes loses its initial attraction.
 
This is probably a good thing. It means that advisors who do make the move are probably more dedicated to making it work and will be more successful. The 10% number reflected also may simply indicate the trend is early and that numbers will increase as more high profile teams and advisors build successful businesses on their own.

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