Number of Independent Financial Advisors Continues to Increase

The Wall Street Journal reports that there are increasing numbers of financial advisors leaving larger Wall Street firms to pursue careers as independent advisors:

  • The number of financial advisors at major Wall Street firms fell 14 percent to 55,000 for the three years ending December 2008.
  • The number of independent advisors increased 29 percent to 33,000 during the same period of time.

The financial crisis had a clear impact on larger firms such as Merrill, Smith Barney and UBS.

That said, while the exodus of advisors from these firms is partly attributable to the shake-up, many of the larger firms have been pressuring less productive advisors to leave.

Source: Wall Street Journal

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