More than 4,000 advisers and brokers switched firms in the first quarter of the year, putting 2021 on pace for record industry recruitment activity.
Moves of experienced advisers between firms were up 11% compared with the first quarter of 2020 and were higher than any other quarter going back to 2018.
The data, which come from the InvestmentNews Advisers on the Move database, exclude transitions between affiliated firms and those that result from a merger or acquisition.
Registered investment advisers and independent broker-dealers continued to set the pace, with net adviser gains of 517 and 504, respectively. That’s nearly double their net gains in the comparable quarter last year, when RIAs recruited 304 more advisers than they lost and independent broker-dealers gained 283.
The year-over-year growth in recruiting activity is significant. Although adviser moves ultimately slowed in 2020 amid social distancing and remote work, the decline began in the second quarter. Industry growth, competition and advisers’ taste for independence had kept recruitment activity on a yearslong climb before lockdowns interrupted.
Now, after three straight quarters of year-over-year declines, industry recruitment is returning to its pre-pandemic pace and then some. Compared with 2019, adviser moves are set to rise 27% at their current rate.
For more information on IN’s research offerings, contact [email protected].
It's the mega-RIA firm's third $1B+ acquisition in just three months.
Wall Street leaders propose ways to monetize the mortgage giants.
Changes in legislation or additional laws historically have created opportunities for the alternative investment marketplace to expand.
A Texas-based bank selects Raymond James for a $605 million program, while an OSJ with Osaic lures a storied institution in Ohio from LPL.
The Treasury Secretary's suggestion that Trump Savings Accounts could be used as a "backdoor" drew sharp criticisms from AARP and Democratic lawmakers.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
