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.