The annual survey asks advisors from independent brokerages to rate the firms they work with from 1 (unacceptable) to 10 (outstanding) on a number of factors, including service, technology and practice management.
WealthManagement.com fielded the online survey via emailed invitations to print subscribers, online registrants and advisors at over 80 IBDs in the publication’s database. Between Feb. 9 and March 10, we received a total 1,080 responses. Only firms with more than 30 responses were included in the survey. The results are weighted. The Report Card also includes a section from a WealthManagement magazine survey of over 1,000 advisors.
Scores trended down in the 2017 Independent Broker/Dealer Report Card Survey for the second year in a row.
While brokers are still largely satisfied with the firms they affiliate with, scores have trended down since 2015.
Ready for DOL?
- Advisors rate their IBDs on how well they have helped advisors prepare for DOL rule.
- Leading scores by Independent Financial Group, Summit Brokerage Services, The Investment Center, Voya, Peak Brokerage, Cambridge, Parkland, Woodbury, Commonwealth, and Next Financial.
- Raymond James and LPL had the lowest scores.
Will your firm still allow you to do commissions in retirement accounts?
- No 10%
- Unsure 16%
IBD advisors consider themselves as:
- 80% Fiduciaries
- 58% Financial Planners
- 21% Investment Planner
- 51% asset-based fees
- 42% commissions
- 7% salary
- AUM: $63.6 million – up 7%
- Production: $467,349 – up 10%
- Number of Clients: 276
- Average years in Business: 21
Staying or leaving?
How likely Advisors are to still be affiliated with their current IBD 2 years from now:
- Very likely 85%
- Somewhat likely 9%
- Somewhat unlikely 2%
- Very unlikely 4%
The top reasons why Advisors would jump ship:
- Unresponsiveness to my business needs at current firm
- Disagree with direction of current firm
- Too much interference from current firm
- Ownership change at current firm
- Client concerns about my firm’s solvency
Financing support from IBD
- 85% of advisors have never received financing assistance from their IBD
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