Historically, advisors at Edward Jones rarely changed jerseys.

They were loyal, felt independent enough, liked the culture and enjoyed the strong brand recognition.

But, today, we are seeing more and more Jones advisors leaving—and here’s why:

1. They feel the technology is lagging.
2. They want a more robust platform and ease of doing business.
3. They want outside business activities (OBAs).
4. They want book ownership.
5. They want to self-brand.
6. And, they’ve outgrown the firm.

The common ground is that they all want more control—over how they are compensated, how they service clients and how they live their business lives.

And, for these reasons and more, Jones’ advisors are leaving for firms that move the needle significantly—and give them the opportunity to access more modern technology and a broader platform and, for those with entrepreneurial DNA, to own their own firms.

Independent broker-dealers like LPL, Raymond James Financial Services and Ameriprise have been big winners in the race for ex-Jones talent because these advisors know how to work independently, having long been the lone advisor in an office. And firms like Raymond James and Wells Fargo have also recruited many a Jones advisor—offering entrepreneurial culture, significant transition deals, and the infrastructure and support they have come to rely upon. Plus, they know well how to successfully transition non-Protocol advisors like those from Ed Jones.

Note: The Broker Protocol is an agreement among participants in the securities industry that governs the use of client data when advisors move between firms that are signatories to the Broker Protocol. Ed Jones is not a member of this Protocol and so any move an advisor makes would be considered a non-Protocol one.

Focusing for a moment on the notion of having “outgrown their firm,” we hear this is often a common motivator for a move. Most every Ed Jones advisor acknowledges the success they’ve had in leveraging the firm’s brand and platform. But those who have taken the time to get educated on the expanded industry landscape and waterfall of possibilities report a sense of “something’s lacking here.” While the firm works to update technology and change outdated mandates, for some, it’s just not happening fast enough—especially when compared to what they see elsewhere.

And there’s one other thing worth mentioning:  It’s a seller’s market right now, where advisors are in the driver’s seat and most every firm is hungry to recruit top talent. This translates into an opportunity for an advisor to move not necessarily because they are unhappy, but because they want to accelerate their growth, take some chips off the table or custom build their own business.

It’s a perfect storm of sorts: A desire for increased agency over their professional lives combined with a greatly expanded industry landscape makes it more likely than ever before for quality advisors to find their ideal home.