In 2009, the turmoil on Wall Street, the giant mergers of brokerage firms and the lure of entrepreneurship all combined to push thousands of advisors out of wirehouses and into independent firms. Some became RIAs, others affiliated with independent broker/dealers.
While the longstanding assumption in the industry is that once you go to “RIA or independence land,” you just don’t go back – that’s not always the case. Over the last few years many advisors have returned to wirehouse firms or joined a wirehouse for the first time. We believe there are three reasons why this migration – which we have termed the “break-back broker phenomenon” has taken place, and is likely to continue.
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