More Than Just A Summer Fling

As summer comes to a close, we are seeing the first wave of advisors whose experience switching to a new broker-dealer has been almost entirely virtual.

Pre-COVID the idea of a VIP trip to the “Home Office” was a critical step in the transition process and a first-class vacation get-away. BD’s would roll out the red carpet to entice top talent, providing a  couple of days of lavish meals, upscale accommodations, and ego-boosting meetings with executives.

Like everything else in our country, all of that came to a  halt in March with widespread shutdown orders and an end to most travel.

Since quarantine began advisors have learned how to build trust with their clients using online tools like  Zoom and text messaging.

It is no surprise that those bringing in top talent to a new firm are becoming more skilled in utilizing these tools as well.

Online webinars are the new norm, with top BDs like Ameriprise hosting frequent local and national “Open Houses” to highlight opportunities and new markets.

A look at AdvisorHub’s Recruiting Wire list during the 3 summer months of 2020 shows over 80 advisors with $100M+ in AUM moved to a new broker-dealer.  4 firms with over $1B each in AUM felt confident enough to switch.  It’s clear that not even COVID can stop advisors eager to find greener pastures.

Is recruiting top talent going to slow?  Possibly, but maybe that isn’t all bad news.

In a recent AdvisorHub interview, Stifel Financial CEO Ronald Kruszewski was quoted as saying “I was concerned when we started the quarter that we had to cancel the home office visits and that it was going to significantly–and maybe materially–change our recruiting profile,” Kruszewski said on a call with analysts discussing company earnings.  “That just isn’t the case.”

Could this “new normal” mean an increase in offer size or a sweetening of terms?  Without the ability to meet in-person will BDs be forced to slide a little bit more across the table in order to gain the attention of the most talented free agents?  Probably.

If you are curious about switching broker-dealers and want to know the best (and fastest) path to a successful transition, we encourage you to get started here.  In 2-3 days you’ll have multiple offers to compare and support throughout the entire process (including assistance in negotiating the biggest transition package possible).

For additional information about switching to a new broker-dealer, visit www.3xequity.com.

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It’s one of the most important—and personal—questions a financial advisor can ask. Whether it’s frustrations with admin fees, limited platform flexibility, or just a gut feeling that you’ve outgrown your current firm, the decision to move shouldn’t be rushed. The right time to leave isn’t just about market timing—it’s about life timing.

If you’re weighing your options, we recommend this quick read: The Best Time for a Move—a blog and podcast episode that walks through key signals it may be time to explore a transition.

There’s no one-size-fits-all answer. Going independent offers more control, higher payouts, and brand autonomy—but with added responsibilities. Wirehouses provide built-in infrastructure, brand recognition, and turnkey support—but often come with more restrictions and fees.

The real question is: Which model makes the most sense for your business goals and lifestyle?

To make a confident decision, you need to understand the economics behind both paths. Start by securing transition offers from top firms—independent and wirehouse—so you can compare side-by-side.

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Our services are 100% free to financial advisors. We don’t charge you a dime. If you decide to make a move, the new firm pays us a finder’s fee—similar to a recruiter. But unlike recruiters, we’re not tied to any one firm, so we work to find your best fit, not theirs.

Want the full breakdown? Check out our blog post: How We Get Paid

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