What are Breakaway Advisors?
Starting an independent practice has never been easier.
Breakaway Advisors are financial advisors looking to leave a wirehouse or brokerage and join an existing registered investment advisory firm (RIA), allowing them to operate as their own business rather than actually starting their own business. They are also known as transitioning advisors or breakaways.
Overall, the number of breakaways joining RIAs is at an all-time-high for the industry. Of the advisors who have already made the move, 80% say the transition to the independent RIA channel was easier than expected and 72% transitioned all the clients they wanted to keep.*
“Recently TD Ameritrade released a study that showed that 40% of advisors plan to leave the wirehouse and brokerages within the next year.”**
There is another 33% of advisors looking to join a preexisting firm as an employee instead of running their own practice. We have seen a market for advisor recruitment to independent firms and practices looking to expand. Becoming an independent advisor has never been easier.***
Speak with a breakaway financial advisor marketing expert today.
Don’t let 20-30% of your current clients be confused about why you made the transition and why they should follow you.