More financial advisors are leaving big Wall Street wirehouses to go to smaller firms or start their own firms. They have a number of reasons for making the change, but most say they are fed-up with continuous headlines that document company scams and deceptive sales practices. They can’t change their firms’ business practices so their only choice is to change firms.
All advisors claim they change firms so they can provide higher quality services to their clients with no conflicts of interest. This is true half of the time. The other major reason is the advisors may make more money at the new firm, a lot more money. Continue reading