Withering Wirehouses? Not Quite.Withering Wirehouses? Not Quite.
Many industry propeller heads have expected an exodus of advisors out of the wirehouses as the golden handcuffs loosened this year. But our annual Broker Report Card Survey shows that, with the exception of Morgan Stanley, most advisors at the national brokerages feel just fine where they are.
Stick around the brokerage industry long enough, and you’ll probably get sick of the ol’ saying, “Advisors vote with their feet.” While it certainly has some truth to it, the move very often is a grab for a new, higher signing bonus. So staying in one place really does speak volumes.
Many industry propellerheads have forecasted an exodus of wirehouse advisors to the independent channel as retention bonuses unwind this year. But REP.’s 22nd annual Broker Report Card Survey shows that—with the exception of Morgan Stanley—most advisors at the national brokerages feel just fine where they are. In fact, 93 percent say they likely will still be working at their current firm two years from now.
“This is a very high level of retention,” says Phil...
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