According to our research, 16% of all financial advisors identify as unlikely to, or undecided about, remaining affiliated with their current firm during the next 12 months.

While economics is a top factor for changing affiliations, it’s not the only one. Technology tools and the level of autonomy a firm allows its advisors, in terms of how their run their practices, are also critical to their decision-making process.

Wirehouse Likelihood to Remain Affiliated, 2020

Source: Cerulli Associates, in partnership with the Investments & Wealth Institute and the Financial Planning Association® (FPA®)

Firms in the wirehouse channel have been increasingly changing tack by placing greater emphasis on increasing advisor retention, and organic growth, while focusing less on paid advisor recruitment. Meanwhile, national and regional B/Ds have not hesitated to capitalize on the recruitment vacuum that has been created, while the capabilities and platform offerings within the RIA channel continue to expand.