The Downside Of B-D Counteroffers
February 14, 2022 By Jon Henschen, FA Financial Advisor Advisors choose to leave broker-dealers for many reasons. It might be that they feel the culture of their firm is declining, that they’re getting poor back-office service quality and the response times are lagging. It could be that a firm’s heavy-handed response to compliance caters to the lowest denominator. Or it could be that the firms don’t give advisors access to more innovative advisory options—that their technology is pigeonholed. The list goes on and on. When it comes time to finally leave (after they’ve done due diligence on other firms), and they let their broker-dealer know, that’s when the company might come back with a counteroffer to stay. These offers aren’t common in the independent broker-dealer space, but they do happen, so you need to...