Wirehouses have been beaten up lately mostly because of all the bad press and the destruction of their brand names. Financial advisors are looking to breakaway to other channels. Every channel has seen double-digit growth within the past year except the wirehouse channel. Granted, they still have the majority market share.
Read more on Wirehouses Have Slower Growth than Any Other Channel…
Wirehouse firms know all too well that their efforts to retain top representatives by offering deferred compensation plans and forgivable loans are not enough. Financial advisors know they have to repay these loans if they decide to leave early. In effect, firms have to find new and creative ways to keep their advisors from being plucked by aggressive finance recruiters to the independent world.
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