The movement of financial advisers from major brokerages has continued to decline, falling for the third straight month in October, according to data from the research firm Discovery Database.
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The company, which tracks financial adviser moves each month, said 361 brokers left major firms, known as wire houses, down 5% from 380 in September.
The decline reflects that many advisers are working under retention packages at their respective firms.
Discovery said 34% of the advisers who moved, however, chose to go to another wire house instead of pursuing alternative options. According to the data, 20% changed to an institutional focus, 18% decided to go independent, 14% elected to join a bank, while 11% went to regional firms.
