Many financial advisors endure frustrations with their broker-dealers to avoid the challenges of switching firms, even when better opportunities exist.
- Declining service quality is a common issue, as both small and large broker-dealers struggle with staffing shortages and operational inefficiencies.
- High costs, including elevated advisory fees, platform charges, and insurance expenses, further add to the burden, often without delivering corresponding value.
- Financially struggling broker-dealers also fail to invest in technology, staffing, or advisor support, limiting growth potential.
Advisors tied to outdated systems and inadequate resources risk falling behind competitors who embrace innovation.
Finsum: Ultimately, remaining with an underperforming broker-dealer can stifle an advisor’s long-term success.