Survey flags high percentage of 'break-away advisors'

When asked about potential new employers, LPL and Raymond James earn the highest consideration for the second year in a row with 49 percent and 44 percent likely to consider each firm, respectively. Rounding out the top likely broker/dealer destinations in the survey are Wells Fargo Advisors, UBS and Commonwealth Financial Network.

Respecting factors motivating advisors to change firms, earning potential remains paramount. However, reflecting misgivings related to their own firm’s model portfolios and the inability to have complete access to preferred products, 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, says 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.”