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Top 5 Reasons Why Advisors Leave Their Firms for Another

Frustrations in your current position as a financial advisor can cause you to consider changing firms. There are many reasons to make a move to a firm that better fits your needs. Utilizing a recruiting firm could speed up the process and below are the top reasons why advisors leave their existing firms for another.

Dissatisfaction with the Culture Around Them

Financial adviser recruiting has become more selective with a limited amount of firm choices in a compliance first market place where advisers and firms are having different mind sets as to what is most important for their businesses, their clients and themselves. The best interest of the client is always considered most important while the advisor and the firm struggle to stay on the same page. Advisers have seen many changes in the overall business, which continue to affect their income and expectations and whether to tolerate and stay put or to challenge and move on to a more complementary culture. When an adviser signs on with a firm, they feel their views converge, over time as growth, economics and regulation occur, the adviser’s and the firm’s views begin to diverge and both may feel they have outgrown or disvalue the other. At this point the two shall part. The surest path for an Adviser to a compatible culture and the best fit firm is to work with a top financial adviser search firm to timely achieve the desired placement.

Compliance Procedures

Regulations are constantly changing and to keep on top of those changes, a broker depends on the firm to offer guidance, structure, and procedure. If a broker feels his firm is not keeping up with the changes to their mutual benefit, he may enlist the services of a financial adviser search firm to help him find a better match.

Low Commissions

As acumen grows, an adviser/ broker feels he should receive more of the commissions and fees that he brings into the firm. Early on, it is understood that the company is providing much value and or training, so the adviser/broker will receive less, but at some point, a payout increase should be available. Changing firms could better apportion commissions and fees to match a broker’s experience.

Lack of Technology

The continuing advance of technology helps the wealth manager complete his job faster, smarter, and overall better. If the firm is unwilling to spend the money necessary on upgrades, then the wealth manager may feel the need to make a change to a company that acknowledges and invests in the upgrades that are needed.

Underwhelming Support

It is understood that for a portion of the money brought in, the firm will have a support system in place. Companies differ widely in what they spend toward support; some providing much support and some very little. When very little or not enough, happens, a broker should quickly look for a firm that will better meet their support requirements.


This financial headhunter in Chicago certainly understands the different cultures, compliance, compensation, technology and support at most firms in major financial markets across the country and how to best match brokers with the appropriate firms. If the thought you may make a change is in your mind, choose a professional recruiter that will assist you in finding the right firm to fit your current and continuing needs.

About Michael A. Terrana

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