Wirehouse advisors are becoming more productive and more productive on average than the largest RIAs. In fact, wirehouses currently are 124 percent more productive than the industry average.
At the same time, wirehouse ranks are down. According to a report by Cerulli, productivity is improving due to the focus on the advisors' ability to work with more affluent clients.
For example, wirehouses have adjusted their compensation payout grids to pay advisors only on client relationships above a specific asset threshold. Some wirehouses have moved away from recruiting bonuses and instead have turned their focus to organic growth of advisors. Wirehouses also have turned their attention to technology enhancements, client acquisition, and equipping their advisors with robust specialized support services.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
