Displaying items by tag: independence

(New York)

2020 was a very unique year for recruiting. In particular, despite the obvious market and economic turmoil, it was a year in which almost all aspects of going independent got more favorable. Not only did working from home making recruiting conversations with new firms easier, but working from home itself made going independent seem less daunting. Further, firms’ appetite to offer great packages to recruit has grown considerably since this time last year, so it is certainly an advisors’ market when it comes to moving.


FINSUM: One other point to mention here is that clients themselves have also gotten more comfortable with their advisors being independent. The lack of office visits and growth of Zoom communication has limited the need for the big well-known logo in the office lobby when clients arrive. Independents seem likely to gain more market share.

Published in Wealth Management

(New York)

When the pandemic first hit, recruiting slowed down, with less advisors moving firms. However, after a couple of months, things started to pick up. According to a TD Ameritrade survey, 40% of advisors now say they are more likely to move than they were before the pandemic. Only 15% say they are less likely. If one comment sums up the increased velocity of recruiting, it might be this, “Advisors are at home and working in an independent environment. That can cause them to question what they are paying for at their firm. ‘Do I need the overhead and management of the wirehouse? Am I doing alright without it now?”.


FINSUM: On top of the questioning of whether all the overheads associated with a wirehouse make sense when they are working from home, the other big thing driving moves is the simple fact that it is easier for recruiters to reach advisors when they aren’t in the office. This makes the whole courting and exploration period much simpler.

Published in Wealth Management
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