Which Indie B-Ds Are Winning the Recruiting Wars (And Why)
February 28, 2020 By Mrinalini Krishna, Financial Advisor IQ As advisors walk away from wirehouses, independent broker-dealers have been welcoming them in. “The move to independence continues to gain steam because it’s no longer mysterious,” says Mark Elzweig, president of the New York-based recruiting firm that bears his name. “Everyone knows advisors who have gone independent and are thriving, so it’s a very real option." IBDs such as LPL Financial, Raymond James and Ameriprise Financial, in particular, have been successful in attracting wirehouse breakaways, says Louis Diamond, executive vice president and senior consultant at Diamond Consultants. Other firms, such as Commonwealth Financial, Cambridge and Kestra Financial have likewise drawn talent from wirehouses or employee channels, but to a lesser degree, he adds. What’s the appeal? Higher payouts are the leading factor drawing advisors to the IBD channel,...
