Breaking away from the wirehouses has paid off handsomely for financial advisers over the past five years, according to a new study from Fidelity Investments.
Advisers who went from a wirehouse to an independent registered investment adviser or an independent broker-dealer saw compensation increase 36% since 2008, according to Fidelity’s second annual Insights on Independence study.
Those who moved from a wirehouse to another wirehouse or from an independent shop to a wirehouse saw compensation increase 22%, and advisers who stayed put saw compensation increase 17%, according to the survey of 783 advisers with more than $10 million in assets under management.
Advisers who jumped ship reported keeping about 79% of clients.