Excerpted from “I Want To Be INDEPENDENT! Why Advisors Will Continue To Move Away From Wirehouse Firms “, by Frank LaRosa
On a weekly basis, media coverage of the financial services industry is dominated by news of multi-million dollar, if not billion dollar, advisors and teams choosing to transition away from wirehouse firms and make the move to independence. By way of example, just this week alone according to published media reports in AdvisorHub, Rockefeller Capital Management and RBC Wealth Management recruited advisor teams who collectively managed $1.2 billion in client assets away from Merrill Lynch and UBS respectively.
The trend toward independence isn’t a recent one. It has been years in the making as the numbers of advisors making the leap to independence continue to climb, showing consistent year over year growth. As we move into the 2021 year, this trend towards independence shows no signs of ceasing. In fact, it can be surmised that there will be explosive growth in the year ahead when it comes to more advisors deciding to make the independent move, driven by three key factors.
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