Brokers on the run at independent B-Ds

More than one-third of the 3,531 registered representatives who changed firms in February came from independent broker-dealers. According to the database firm Discovery, the bulk of the brokers on the move in the independent channel remained there, with 68% moving to another independent broker. A little less than one in four shifted to broker-dealers affiliated with mutual funds, banks, insurers and other institutions, according to Discovery. Only 13% of the brokers who picked up stakes last month, or 468, were from the three wirehouses in Discovery's universe: Bank of America Merrill Lynch, Wells Fargo Advisors and Morgan Stanley Smith Barney. But the big firms didn't appear to be poaching talent from each other. Only about a quarter of the reps (107) left for another wirehouse. The largest percentage of wirehouse émigrés last month (28%) went to independent firms, according to Discovery. Wirehouses also continue to be net losers, with the three firms adding only 220 brokers against the 468 they lost. The data firm didn't report on the quality of exiting brokers in any channel. Movement in February among registered reps across all channels nearly doubled from January.