Recruitment has slowed down due to the state of the economy, with total moves falling 5.3 percent. According to InvestmentNews' Advisors on the Move database, the 15,361 advisors who switched firms in 2022 were lower than in 2020 and 16.3 percent below 2019. Only 5,372 advisors moved from wirehouse to wirehouse, the lowest since 2009.
Despite the decrease, the number of advisors who have chosen "independence" has increased. The registered investment advisor (RIA) channel has gained 1,097 advisors, and independent broker-dealers have gained 923.
With relatively low startup costs and clients accustomed to virtual services, many believe this is the perfect time to move toward independence. According to InvestmentNews, advisors that have moved toward independence say they actually have benefited from starting in a down market.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
