For Firms That Retain Advisors; It’s Not Just About Culture

Each week there are multiple stories describing teams and clients that have left one firm for another. Wire to Wire. Wire to Independent. RIA to RIA. There seems to be no end to advisor movement in the industry.

Except that’s not entirely true for some firms. While it’s routine to see advisors leave for greener pastures from the likes of a Merrill Lynch – when was the last time you saw a headline associated with a move away from Stifel? Or First Republic? Or Dynasty?

What is the secret sauce at those firms that create the kind of brand loyalty that allows big, long tenured advisors to eschew big dollars to simply remain at those firms?

The mythical search for the real meaning of ‘culture’ in wealth management would seem to have a connection here, and very well could be the answer. But let’s make it a little more tangible, shall we?

First Republic gives advisors deal flow. They hand off clients and huge accounts to their advisors. Billions of dollars worth each year. That’s a pretty measurable and tangible reason nobody leaves that place.

Stifel never changes it’s comp plan and leaves it’s advisors alone. The vibe at the St. Louis based firm is old school wealth management and advisors love it that way.

At Dynasty you get to build your own culture, and again, they don’t shuffle pricing and incentives every 12 months. If you build your own house, so to speak, you’ll never want to leave.

Those are just three examples that stand out. While Merrill Lynch and Wells Fargo deal with weekly headlines of advisor attrition, these firms quietly go about their business.

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