Finding greater advisor satisfaction at the wirehouses, Cogent study concludes the breakaway surge is over
For the first time in history, the majority of advisory compensation comes from fees; plus 9 other findings from one of the year's most ambitious surveys
Sentiment statistics are a volatile as the market! I’m not surprised to see Advisor satisfaction increase in 2010 over 2009. Salespeople are an emotional group.
A few other statistics that should be emphasized are that most of the breakaway advisors over the last three years were forced to break away. The large advisors that broke away to form Constellation Wealth, Luminous and Presidio Financial Partners broke away before the financial crisis.
My belief is that the next break away movement will be driven by clients not by Advisors. If their clients leave advisors will have little choice but to follow then to the most client friendly business model which is an independent/uncolflicted wealth management firm.
Fred St Laurent
“Today 81% of Regional advisors and 49% of national wirehouse advisors report that they are very satisfied with their current employer, says the study.”
What percentage of the brokers in the survey had actually moved in the last 1-2 years?
I would think the numbers would be different if one excluded Advisors who had made a recent move. Those on a “honeymoon” raising a full glass on Kool-Aid, if included in the survey, might dilute the results.
Just a quick observation. Maybe this was considered.
Let’s not be myopic
Making advice safe and easy to execute requires scale which is beyond the reach of the individual practitioner. Everyone assumes the brokerage industry will fight regulatory reform and modernity which is clearily the case. But in a post reform environment, the tables might be turned as the wirehouses have scale and can buy sophistication in being responsive to the new unfolding business environment. If the brokerage industry properly resources its brokers so advice is scalable, safe and easy to execute—it will reverse the breakaway broker trend and will aggressively attract RIAs to faster, better, cheaper, large scale institutionalized support for fiduciary standing probably offered through an independent or custody affiliate.
Cetera hiring Mike Durbin as CEO -- overseeing its existing 'CEO' -- completes Genstar's stellar HR week after it put Charles Goldman atop Orion's board -- with 'exponential' growth in mind for the 'middle market' companies
The Los Angeles broker-dealer nabbed the Fidelity legend to take its $118-billion AUM and 8,000 advisors higher, just as Orion -- also majority owned by Genstar -- makes a similar move.
May 18, 2023 at 1:46 AM
Infamous stockbroker resolves civil suit stemming from violent tirade -- the apparent final chapter in an incident that went viral and forever branded him the 'Fairfield Smoothie Guy'
Broker Jim Iannazzo went all out with high-powered attorneys and slick Las Vegas crisis pr team to limit the damage from his actions, but whether he can ever live down the incident remains to be seen.
September 1, 2022 at 5:11 AM
Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores
The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges
January 23, 2021 at 2:02 AM
Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift
Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.
March 13, 2020 at 10:36 PM
See more related moves
Market Strategies International
Top Executive: Rob Stone