Some in the industry believe financial advisors are less likely to move in a bad year for the market because they don’t want to explain such a change to clients, who are fretting over their portfolios. During the outage, consumers were unable to access services like Ally Bank, Fidelity, Sony’s PlayStation Network, Airbnb, and more. More significantly, the 15,361 advisors who switched firms in 2022 was lower than even in disruption-filled 2020, and down 16.3% from the level in 2019. Photo by Matthias Balk/picture alliance via Getty Images Many websites including banking pages, brokerages, and gaming services were affected for just over an hour Thursday, as part of a major internet outage. Total moves of financial advisors between firms fell 5.3% last year from 2021, according to an analysis of InvestmentNews‘ Advisors on the Move database. Travel has been difficult, business norms have been disrupted, and the broad stock market has seen consecutive year of large swings in both directions, all making it more challenging to hire financial advisors. “Looking ahead, we expect to carry this recruiting momentum into the first quarter,” Arnold said during a conference call with analysts to discuss the firm’s fourth-quarter financial results.īroker-dealer recruiting has been challenging in the era of Covid-19. For the fourth quarter of 2022, the firm recruited $15 billion in assets, according to its financial results.ĭespite the annual decline in recruiting advisors and their assets, CEO Dan Arnold was optimistic about the outlook for reeling in new financial advisors in 2023, noting that the fourth quarter was the best period for recruiting last year for the firm’s traditional independent broker-dealer business model.
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