A new DeVoe & Company survey, reported by AdvisorHub, points to a troubling trend among RIAs: attrition is ticking up. Nearly one in ten RIA leaders said they are experiencing “much higher” advisor turnover than before, while another 20% reported “somewhat higher” levels of departure.
The reason? A lack of career development and training.
According to the survey, 68% of next-generation advisors are asking for a clear career path, 46% want a defined path to ownership, and nearly one-third are looking for structured training and coaching. Unfortunately, only 40% of RIAs report having adequate training programs in place, and fewer than 40% can point to a clearly articulated career path for younger advisors.
The Missed Opportunity in the RIA Space
This gap is striking because it runs counter to what advisors consistently say they value. While independence offers freedom, many RIAs are leaving their junior talent to learn on the fly. Succession planning is also falling short, with less than a third of firms confident in their next generation’s ability to take over leadership.
As the report bluntly stated:
“Talented advisors aren’t sticking around for mystery math and bonus black boxes… They’re looking for guidance on what matters, how it’s measured and how they can grow.”
For advisors building their career, that lack of structure can be frustrating. For broker-dealers competing for talent, it may be a moment to step forward.
The Case for Broker-Dealers
Traditional broker-dealers have often been criticized for being too rigid, but in this environment, the structure they offer may be exactly what ambitious advisors are looking for.
Career advancement: Clear progression maps, transparent promotion paths, and examples of advisors who have grown within the system.
Training and coaching: Formalized programs, mentoring, and skill-building that go beyond trial and error.
Succession and equity opportunities: Well-defined programs to help advisors grow into ownership or leadership roles.
Transparency: Compensation models that explain how performance is measured and rewarded, avoiding the “black box” problem.
For advisors weighing a move, these attributes can provide stability and growth opportunities that RIAs may struggle to replicate.
What This Means for Advisors
If you are an advisor considering your next career step, it is worth asking yourself what you value most. Do you want maximum independence at the cost of a looser career framework, or do you see more value in the training, mentorship, and succession planning that many broker-dealers provide?
There is no right answer for everyone, but there is a right answer for you. And the firms competing for your practice are leaning into these differences more than ever.
The 3xEquity Advantage
At 3xEquity, we help you evaluate the options in front of you, including which firms offer the best training, growth opportunities, and transition packages. With more than 200 broker-dealer and RIA partners, we provide the guidance you need to make an informed choice.
Your career path is too important to leave to chance. If you are exploring a move, start by seeing what offers are out there.
