Broker movement continues its decline, wirehouse reps staying put

The number of financial advisers fleeing large brokerages appears to be slowing, as many wirehouse reps are staying put — for now — or joining another wirehouse. According to data from Discovery, a Shrewsbury, N.J.-based provider of financial intermediary databases, only 380 wirehouse reps changed firms last month, which is a 12% decline from August, when 434 reps took a job with another financial advisory firm. A number of these reps who jumped ship last month joined competing wirehouses, Discovery noted. Thirty-two percent of departing reps went to another wirehouse last month, according to Discovery, with another 21% going to an institutionally focused firm, 17% going independent and 14% moving to a regional brokerage.