While generally satisfied with their careers, broker satisfaction at independent broker/dealers and wirehouses declined in 2008, according to National Financial’s 4th Annual Broker and Advisors Sentiment Index released Wednesday. The study gauged responses from 1,200 U.S. investment advisors.
“Despite one of the toughest market environments this current generation of brokers has likely ever experienced, we were encouraged that brokers remained satisfied with their careers,” said Gail Graham, executive vice president, Fidelity Investments in a press release. “And not surprisingly, brokers played a critical role in helping investors through this turbulent market environment, by providing advice and guidance in 2008 on an unprecedented scale.”
The turbulent market is not surprisingly driving many brokers to consider switching firms; 9 percent said they are likely to make a switch within the next 12 months. Top three reasons for the move include “better pay,” “more independence or freedom,” and “better career opportunity.” Sixty-five percent of those who said they’re likely to switch say they want to move to another type of firm with the RIA channel seeing the greatest potential.