Breakaway numbers level off
The 302 reps that left wirehouses for the RIA channel this year through September compares to 360 over the same time last year. Echelon estimates another 88 reps will breakaway during the fourth quarter, which will bring the annual total to 390, compared to 430 last year.
The full-year estimate puts 2017 breakaway activity behind each of the past three years. Echelon attributes this to market-performance complacency.