3xEquity Survey of Financial Advisors Finds Money Important But Far From The Only Factor Leading Them To Switch Broker-Dealers

3xEquity, the authority on advisor transitions,  released results today from its 2021 survey of financial advisors as part of the AdvisorHub Summit in New York.  Founder & CEO Jeff Crosby presented findings in a main stage speech at the industry’s premier conference focused on the advisor experience.

“This year’s survey shined a bright light on the impact of Covid on the industry. With advisors forced to lean heavily on technology to succeed, having a robust and user-friendly technology platform rose to levels nearly as important as compensation,” Crosby noted.  “Add to that record stock market highs which mean T12 revenues and AUM are likely at their highest levels in some time, and the market remains ripe for advisors to seek outsized compensation packages from firms looking to grow quickly.

Over 500 financial advisors responded to the survey with questions covering a range of topics including the logistics of securing offers, the promises of switching to a new firm, and the realities of moving assets.  

In this last area results from the survey showed advisors were highly successful in moving assets, with 84% of respondents reporting moving 70% or more of their book.  Nearly 70% reported moving 85%+ of their assets over to their new firm.  

In addition, nearly 90% of advisors reported their transition experience was a positive one. 

Crosby added, “Any advisor on the fence about a switch because of a concern about moving assets or fear of regret should gain significant confidence from the experiences of advisors who have gone before them.”

Advisors who are curious about a move are encouraged to download a copy of the 2021 report on the 3xEquity website at www.3xequity.com/advisor-transition-survey.  There they can also find resources for securing multiple offers quickly and easily, all while remaining 100% anonymous.  

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