The Wall Street Journal reports that there are increasing numbers of financial advisors leaving larger Wall Street firms to pursue careers as independent advisors:
- The number of financial advisors at major Wall Street firms fell 14 percent to 55,000 for the three years ending December 2008.
- The number of independent advisors increased 29 percent to 33,000 during the same period of time.
The financial crisis had a clear impact on larger firms such as Merrill, Smith Barney and UBS.
That said, while the exodus of advisors from these firms is partly attributable to the shake-up, many of the larger firms have been pressuring less productive advisors to leave.
Source: Wall Street Journal
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