Why Advisors Left Wirehouses for B-Ds and Independents
February 21, 2019 By Mrinalini Krishna, FinancialAdvisor IQ Wirehouse advisors were on the move in 2018 and non-wirehouse broker-dealer firms were among the big beneficiaries. While each non-wirehouse broker-dealer offered its own incentives for advisors to come on board, recruiters say it was generally frustration beyond money matters that drove wirehouse advisors towards the non-wirehouse crowd. Based on advisor headcounts presented in 2018 annual company filings, average wirehouse advisor strength diminished by 1%, whereas, on average, rosters at non-wirehouse, regional, national and independent firms grew by 4.39%. Stifel Financial ended the year with 57 net new additions to its advisor count in 2018 and the firm’s head of recruiting, John Pierce, told FA-IQ in December that his firm had become “a destination for wirehouse advisors.” Continuing its previously robust advisor growth, Raymond James saw its advisor...