The Real Message Behind the Movement of $1 Billion Teams
Advisor movement among the top producers in the industry—those from traditional brokerage firms and banks who are managing $1 billion or more in client assets—is on the rise, with 25 of these uber-teams having moved in 2018. And while these teams seek greener pastures to grow their businesses, the rest of the industry can learn from this wave of movement.
First, it’s noteworthy that so many large teams moved at all: Historically speaking, those in the “Billion Dollar Plus Club” were the least likely to move. For those teams that did move, it was typically from one brokerage firm to another, as these folks strongly believed that the wirehouses were the only place to serve wealthy clients. And it didn’t hurt that the recruiting deals were quite lucrative as well.