BNY Mellon's Pershing Study

Broker-Dealers Need to Rethink Their Strategies In Order To Attract and Retain Top Advisors

Date:

Broker-Dealers Need to Rethink Their Strategies In Order To Attract and Retain Top Advisors

Author: Fórmate a Fondo

  1. The top client of today's successful broker-dealer is not a "rep" or even an "advisor" but an ensemble
  2. Ensemble teams are already controlling a significant percentage of broker-dealer revenue, growing faster than the average practice, servicing a higher-net-worth client base and offering better career growth opportunities
  3. Many larger teams are departing broker-dealer firms to become independent. These advisors, known as breakaway advisors, are moving to a registered investment advisor (RIA) or hybrid business model