Talent Exodus From Large Firms Continues In 2012
- Created: Thursday, 15 March 2012 09:04
The trend for advisors leaving large financial institutions to create their own businesses is accelerating in 2012. Independent firms such as LPL and Vanguard are making concerted efforts to attract teams and solid producers from the big houses. Independents are getting creative in the process, combining aspects of service and attracting advisors with hybrid models.
LPL has teamed up with Fidelity to offer such a model, an unusual step because firms traditionally compete against each other rather than combining forces. This is yet another development in the overall going-independent trend. The big firms have been sweetening recruiting packages but this has not stopped the attraction of starting one’s own business. As independent firms have increased their capabilities and provided greater customization for advisory teams, larger teams have migrated out. As larger teams leave, other teams and advisors with significant assets are taking a look.
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