Last week, we posed the question, “Are you one of the 17%” of advisors seriously considering a move from your current firm or provider? We also discussed some of the key drivers that influenced those who made the decision to move over the last five years, and some of the reasons why others did not, but might still be considering a move.
As we dive further into the Fidelity Advisor Movement Study, there is another trend identified in the study that Dynamic Wealth has experienced recently, and particularly this year. According to the study, nearly half (47%) of wealth advisors who moved in 2017 were part of a wealth management team of two or more. Compared to 2012, when only 34% of movers were part of a team. In addition, nearly all (96%) reported AUM growth in the last year.
Dynamic Wealth has seen several wealth teams join us thus far during 2018 with between 3 and 5 advisors as part of each team. As we look back at the study, the median assets for advisors moving has nearly doubled since the 2012 study. This applies to advisors moving alone or with a team, however, the increased assets number could at least in part be attributed to nearly half of movers being part of a team.
Next week, we will feature one of those wealth advisory teams in our weekly blog, and share more about what factors were important when they decided to make a move.
To view the full study click here: Fidelity Advisor Movement Study
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 and practice 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.