Advisers, brokers antsy, survey shows

The number of advisers and brokers likely to consider switching firms was on the rise last year, and the work environment was cited as the main driver of unhappiness at their present location, according to National Financial Services LLC's third annual broker and advisor sentiment index released today. Of 1,201 brokers and advisers surveyed in 2007, 9% said they would like to jump to another firm. That's nearly double from 2006's 5%. Sixty two percent of the restless 9% would prefer different type of firm, including independent broker/dealers, regional firms and registered investment advisers. Among those who recently switched firms, the study cited "change in the firm's direction” as the top reason for the change. Factors in such a change can include a new manager or a change in criteria for selling products at the firm. Advisers and brokers considering a switch cited better pay, desire for more independence and unhappiness with changes in a firm's direction as the top three reasons for wanting to a change. The survey, conducted by National Financial, a subsidiary of Boston-based Fidelity Investments, included brokers and advisers from a random sample of independent, wirehouses, insurance, regional, bank and RIA firms.