All advisors get frustrated with their firms at times and consider jumping ship, but only 22% on average actually change organizations in any given year. Yet restlessness seems to be on the rise. 29% of advisers at national wirehouses said they were considering leaving their firms in the coming year compared to 25% the year before, according to a study by Cogent Research.
What does it take to reach the breaking point? According to the Cogent study, “the reasons most often cited by wirehouse advisers for wanting to leave were the opportunity to make more money and a desire for greater job satisfaction. “Seems painfully obvious, but those are broad categories; “job satisfaction,” after all, is a subjective experience.
Whether it’s a minor administrative incident or a business-altering firm mandate, there are moments in the lives of FAs where they say to themselves, “That’s it – that’s the last straw. I need out.”