On a weekly basis, the team at Dynamic Wealth speaks with advisors exploring their options for making a move. Most often, we speak with advisors moving from a broker dealer environment who are considering a move to a RIA, or advisors already at a RIA, but looking for a better situation for themselves and their clients. During my six years with Dynamic Wealth, I have spoken with hundreds of advisors and heard a wide variety of reasons for making a move. In some cases, we will speak with an advisor who has already made the decision to move and are now working to determine the best fit for their practice. Others consider a move, but there is typically a triggering event that precipitates their decision to move.
Earlier this year, Fidelity Investments’ Fidelity Clearing & Custody Solutions published the results of their Advisor Movement Study. This is a follow up to Fidelity’s 2012 Advisor Movement Study. The results of the recent study discusses current trends related to advisor movement versus the findings from the 2012 study.
Among the study findings when it comes to those who made the decision to move, the reasons are very much in line with those who have chosen to join Dynamic Wealth. Those reasons are largely driven by a desire for independence or freedom; working independently, a client-focused approach to advice, and growing their practice in the manner that they decide. For advisors who considered a move, but did not, one of the reasons was transition support – or lack thereof.
The most compelling finding from this portion of the study, in my opinion, was that over the last five years, over half (56%) of advisors made a move or considered a move. Of that 56%, 23% made a move. Of the remaining 34%, 17% was comprised of advisors who considered a move, but did not. And the final 17% is made up of advisors who are still considering a move.
If you are part of the 17% still considering a move, schedule a confidential conversation with the team at Dynamic Wealth to learn more about your options, opportunities for growth, and the world-class transition support that you will receive.
About Dynamic Wealth Advisors
Dynamic is recognized as a premier provider of essential resources to professional wealth management practices. Its turnkey practice platform includes asset management, and enables wealth advisors to save money and focus on clients while positioning themselves for success and growth. With myVirtualPractice, a suite of wealth management practice solutions, Dynamic hands the professional wealth advisor the keys to a comprehensive custom-built virtual office complete with staff, back/middle office, accounting/billing, compliance and even a Virtual Assistant. The wealth advisor need only add clients and they are up and running instantly. For many breakaways and independent wealth advisors, being part of a nationwide community of like-minded professionals is one of the most valuable components of their affiliation with Dynamic.