The industry has gone through significant changes in the last few years. The remaining “wire-house” firms have virtually eliminated their new advisor training programs and are content to pay huge upfront checks and hire existing advisors away from the competition. As these advisors age and subsequently retire, how will they be replaced?
They will not, and ultimately the client will lose the personal attention they have always wanted and pay for. In the independent brokerage business, the firms continue to experience record growth as experienced advisors more towards business ownership.
As these businesses mature (along with the advisors) something very interesting is occurring. As the need for business succession becomes evident to these “owners” they are licensing and training their younger children, son and daughter-in-laws as well as other family members to “take-over” their business someday.
In the future, new advisors will be born out of the independent brokerage channel — something no one would have imagined years ago.
Interested in hearing more? Visit Summit Brokerage at www.joinsummit.com or contact us at (800) 354-5528.