According to George Moriarty at InvestmentNews, advisors are always on the move, and many are opting to go the independent route. More than 1500 advisors left wirehouses in the first half of 2021, which is 37 percent more year on year but mainly in line with pre-COVID numbers.

However, InvestmentNews research analysis of the latest numbers indicates that from July 2020 through June 2021, more than 21 percent of the advisors who left one wirehouse went to another. The four major wirehouses Morgan Stanley, Merrill Lynch, Wells Fargo, and UBS, have allocated funds to develop in-house talent. Per the data, Morgan Stanley has added one hundred and seventy-nine advisors from other wirehouses in 2021, putting them well ahead of anyone else.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.