Broker Dealer firms are realizing that financial advisors want more independence, but still the comforts of having the best technology and benefits of a brand name. Firms like Wells Fargo and RBC Wealth Management have increased their independent channels recently and brokers are following. The number of brokers moving to this independent channel is rapidly increasing too.
According to Wells Fargo,
“…the number of advisors involved in the firm’s independent arm has increased by 24% over the past 18 months due to clients’ growing interest in dealing with this type of advisor.”
Wells Fargo changed the structure of their organization to better support the advisors for its independent channel. There are now team leads instead of just branch managers to help assist the advisors.
RBC Wealth Management added a quasi-independent channel to recognize the needs of financial advisors who want to move to an independent space. They are using this as a retention tool for its advisors who want to breakaway.
Hopefully, this will help big firms retain not only its advisors who want to breakaway, but also the clients who want more of an independent firm.