ADVISOR MOVES: TOP INFLUENCING FACTORS IN 2020

In 2020 we saw our worlds flipped upside down and found ourselves adjusting to a new normal filled with face masks and working from the comforts (or not so comforts) of our homes. 

Through unprecedented challenges, advisors continued to switch broker-dealers.

With everything going on, it’s only natural to say to yourself: “Why would I want to switch B/Ds when there’s a global pandemic currently surging coupled with high volatility in the markets?” But here’s the thing: despite it all, advisors continue to consider making a B/D switch or actually make the move to a new B/D. Fidelity Investments recently published a report on their 2020 Advisor Movement Study that finds that of the advisors surveyed, over a third of them wished they had made the move to a new B/D sooner.

There are a lot of factors that can drive an advisor to make a switch, with many holding more weight due to our current environment. Here are the top 5 Influencing Factors for advisors making a move in the midst of the COVID-19 pandemic as reported by Fidelity:

  • Greater Compensation/better payout/better compensation structure
  • Better opportunities to grow their book of business
  • Better account servicing capabilities and better client service infrastructure
  • Excellent client service during the pandemic
  • Better digital tools to help with working remotely

If you find yourself thinking, “Maybe I should be considering a switch”, we’re here to help. With 3xEquity, you can secure multiple offers in just a few business days, and we’ll provide support through the entire process, including assistance in negotiating the biggest transition package possible. Want to know more? Click here.

 

 



 

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