When asked about potential new employers, LPL and Raymond James earned the highest overall consideration for the second year in a row with 49% and 44% likely to consider each firm, respectively. Rounding out the top likely broker/dealer destinations are Wells Fargo Advisors, UBS and Commonwealth Financial Network.
In terms of factors motivating advisors to change firms, earning potential remains paramount. However, perhaps reflecting some misgivings related to their own firm¡¯s model portfolios and the inability to have complete access to any product of their choice, access to a better array of investment solutions for clients was mentioned more frequently this year, particularly among wirehouse advisors. Meanwhile, LPL and Raymond James both earn strong consideration among advisors seeking to improve the client experience.
¡°LPL and Raymond James appear most successful in emphasizing the characteristics that matter most to advisors considering a move including independent platforms, a destination for greater independence, and superior operational support.¡± said Meredith Lloyd Rice, senior product director and author of the report. ¡°Evolving advisor needs, including greater reliance on fee-based compensation, suggest that firms will need to work harder to adapt in order to attract and retain top producers.¡±
When measuring advisors¡¯ opinions of potential new employers, Cogent asked advisors to rate their likelihood to consider a list of firms using an 11-point scale, where zero is "not at all likely" and 10 is "extremely likely." High consideration includes ratings of five to 10. Among the 26 broker/dealers included in this year's survey, consideration scores ranged from a low of 10% to a high of 49%.
