2020 was a rollercoaster of a year and not just in financial markets. It was quite a wild year in recruiting as well. When the pandemic hit, advisor movement dropped off to a trickle, but in the summer it started to come back and was roaring in the second half of the year. 2021 seems like it will be much the same. Both large IBDs and RIAs are looking to increase recruiting efforts, and offer packages for jumping ship have been getting larger. Commonwealth, for instance is planning a major recruiting push this year, which builds on other big efforts from Fidelity and LPL.
FINSUM: This definitely feels like an advisor’s market for moves. Firms are hungry to recruit and advisors seem to have the upper hand in negotiations.