State of the Industry: 3xEquity Financial Advisor Transition Survey Report

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On November 27, 2017, the Wall Street Journal published a piece called “Wall Street Fights to Keep Brokers.” The article identified a recent exodus of advisors from their former broker dealers, and their ensuing actions and reactions.

Fast forward to today. 3xEquity, a recruiting agency that assists transitioning financial advisors, published its recently completed Annual Financial Advisor Transition Survey with the goal of “unlocking the truth behind financial advisor transitions.”

The survey identifies four main interconnected themes or motivations for advisor transition: Change, Choice, Loyalty, and Confidence.

Change refers to not only disruptions within the financial advisory industry, but in comp structures, technology and the way an advisor serves his/her clients.

Choice references the options and decisions an advisor must make to advance their career and maintain the relationship and loyalty to his/her clients.

Loyalty, the survey uncovered, isn’t necessarily that between the advisor and his/her broker dealer. Rather, the foremost loyalty is between the advisor and his/her client and the prospect of career advancement.

Confidence refers to the advisor’s ability to move a majority of assets in his/her transition, and will ultimately prove rewarding to the prepared advisor.

Key takeaways include:

  • 77% of survey respondents have been with between 2 and 4 different broker dealers during their career
  • Tenure is no guarantee of loyalty, as 50% of advisors had been with their prior broker dealer between 11-20 years before moving
  • Less than 1/4 of the advisors who responded noted that money was the reason they made the jump
  • 73% of survey respondents were able to move 70% of their assets

We hope advisors will read this report in order to gain valuable insights into their colleagues’ decision making processes around switching broker dealers. Additionally, we hope that broker-dealers realize what is most important to advisors so they can address issues, secure top talent and retain existing talent on their teams.


3xEquity, an experienced player in the field of advisor transitions, has recently unveiled its “Instant Offer Tool,” allowing financial advisors to anonymously secure transition offers from multiple top broker dealers. Visit to find out more.

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