The Long Road Home
Breakaway broker? More like breakback broker. While the wirehouses continue to lose advisors to the independent channel, they are also luring some large teams of their own back to their ranks.
“It’s wishful thinking by some that the wirehouses’ market share will evaporate,” said Alois Pirker, research director at Aite Group, earlier this year. “They’ve stabilized and I expect they will start growing at a good clip again soon.”
In fact, 10 to 20 percent of Morgan Stanley’s new advisors are coming from independent competitors each year, says spokesman Jim Wiggins.