Slideshow Switching firms for advisers gets easier and more lucrative

Published
  • April 28 2016, 6:26pm EDT
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Financial planners moving to new jobs are jumping less hurdles and increasing AUM

Advisers have fewer challenges and are finding greater success switching firms and going independent, according to a recent industry study.

There is strong demand for advisory services, says Bob Oros, Fidelity Clearing & Custody Solutions' executive vice president. Advisers are finding it easier landing jobs they want, and are prospering once they make the move, Fidelity's recent biannual study says.

The industry will be short about 10,000 advisers by 2020, Oros predicts. That means more opportunities may open up in wealth management for top recruits.

Click through our slideshow to find out more about the factors that drives this movement.

Why advisers want independence?

"Advisers want to be treated like an entrepreneur and do not want to feel like they are punching the clock," says Bob Oros, Fidelity Clearing & Custody Solutions' executive VP.

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How many recruits seek independence?

There are more moves to the independent channel than any other.

Percentages of adviser moves grow for this group.

More women have switched companies or gone independent.

How often does young talent move?

Young advisers place more priority on the direction and control of their careers, Bob Oros, Fidelity Clearing & Custody Solutions' executive vp says.

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Adviser moves pay off

Financial motivation, while still one of the top reasons why advisers are switching firms, is now less important than before.

Having more control over their practice is.

Changing firms can grow AUM

Fidelity research shows that among high-producing advisers, more Gen Y advisers are changing firms.

Adviser moves can grow business

Average AUM before a move was $105 million and after $167 million.

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Adviser moves are less challenging

Past issues that complicated a switch to a new firm are less of a concern to recruits today.

Adviser moves delivers satisfaction

Planners see benefits after moving to a new firm and are happy with their decision.

How satisfying are adviser moves?

Advisers see their career concerns answered and addressed after moves.

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Who increasingly is involved in adviser moves?

Former colleagues who have moved before, help advisers set more realistic expectations.