A survey of some 2,500 traditional employee advisors found that more than 70 percent are considering a move to independence, Diamond Consultants, a recruiting and consulting firm, said Tuesday. Still, experts say, just 10 percent at most will actually make the move.
"Financial advisors are becoming increasingly attuned to the growing number of high-quality independent practice models," explained Diamond Consultants president and CEO Mindy Diamond, in an interview with AdvisorOne.
That said, Diamond explained, many of the 70 percent will not go independent "when they really see what it is about and what it is not about: It is not about upfront money, big upfront money, and there's no cachet of a big brand-name firm."
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