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."

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.