Sure, money makes the world go round….and round, but when it comes to financial advisors changing firms, while cash, of course, speaks, it’s not alone, according to smartasset.com.
They also take into account the way in which their financial well being and personal wealth will be impacted by a transaction.
While it always should land high on the list, the financial recruiting package is among a number of factors it’s incumbent upon advisors to study, the site continued. The package also is impacted by elements such as true payouts, hanging onto clients and office and staff.
That said, according to average annual earnings, the bulk of financial advisors fall in the 90th percentile of U.S. workers, reported smartasset.
The bottom line: last year, the average advisors raked in around $120,000, according to Bureau of Labor Statistics data. Conversely, the same year, the average joe brought in $58,300.
Last year, Barron’s reported that the market for financial advisors had been stoked due partly to new rivals entering the mix and a spark in the competition among wealth managers,
Foremost -- besides their wallet -- advisors eyeing moving to new firms are strongly intent on gaining “freedom and control,” said Mindy Diamond, the founder and CEO of Diamond Consultants, according to thinkadvisor.co.