Ties That Bind

As we addressed in our story Comfort Zone, on page 9, despite all of the talk about breakaway brokers leaving Wall Street and choosing independence, the majority of wirehouse advisors are not going for it. According to Discovery Database, more than half of the wirehouse advisors switching firms since last November have switched to a rival wirehouse: UBS, Wells Fargo Advisors, Morgan Stanley and Smith

As we addressed in our story “Comfort Zone,” despite all of the talk about breakaway brokers leaving Wall Street and choosing independence, the majority of wirehouse advisors are not going for it. According to Discovery Database, more than half of the wirehouse advisors switching firms since last November have switched to a rival wirehouse: UBS, Wells Fargo Advisors, Morgan Stanley and Smith Barney, and Bank of America's Merrill Lynch.

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