The first six months of the year was relatively slow as so many advisors had moved last year and because of retention packages keeping advisors in place.
But in the last 60 days, we're finding that despite retention packages, many advisors are very willing to explore their options and consider leaving.
What recruiting packages looking like right now, and how is that influencing movement?
There is a range of about 330 to 350 percent of trailing 12-month fees and commissions, or production, after firms pulled back at the end of '09 and early '10. That led to attrition and less recruiting, since the deals weren't high enough. So the wirehouses raised them back to last year's levels.
As advisors weigh the ease of staying and their retention packages vs. their desire to serve clients the best they can, some are thinking about leaving. There is a lot of bureaucracy and other changes at the mega-firms, and that can also give them reasons to consider moving.
How are advisors generally feeling about the wirehouses?
So much of what advisors are considering is life beyond the wirehouses. Yes, they will look at all the wirehouses, because the deals are so large.
But they also could go to a boutique firm, like Credit Suisse, or go independent, since they may feel that the wirehouse model is broken —or they may feel that by changing firms or models they will be doing the right thing for their clients; this includes going to a regional firm.
Thus, advisors at the wirehouses and elsewhere are seriously considering a range of different options.
