Some broker dealers have found a better way to retain more of their advisors, and attract new ones, by offering an independent channel for those who feel the entrepreneurial lure of being on their own while still having some of the safety of an established company.
Last week, Wells Fargo Advisors Financial Network announced the expansion and realignment of its independent arm to better serve the growing number of advisors interested in this channel. According to a company spokesperson, the number of advisors involved in the firm’s independent arm has increased by 24% over the past 18 months due to clients’ growing interest in dealing with this type of advisor. As a result, the company has undergone a major expansion in the supervisory structure of its independent arm.
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