The percentage of brokers and advisers likely to consider changing employers in the next 12 months rose 4 percentage points last year, to 9%, according to a study sponsored by National Financial Services LLC, Fidelity Investments' clearing arm.
In addition, 62% of those brokers and advisers likely to consider a switch would prefer moving to another type of firm, with independent broker/dealers, regional firms, and registered investment advisers, where they see the strongest growth potential, according to the study, released Monday.
Even though most brokers and advisers are satisfied in their jobs, the third annual National Financial Broker and Advisor Sentiment Index declined to 7.5, from 7.71 last year.
The study was based on online interviews with 1,201 U.S. brokers and advisers from a random sample of independent, wire house, insurance, regional, bank, and registered investment advisory firms.
According to the study, 42% of brokers and advisers who switched firms last year cited "finding new customers" as their biggest challenge.
Mutual funds and annuities are expected to remain the top-selling investment products. In addition, brokers and advisers expect stronger growth over the next five years in separately managed accounts, exchange traded funds, 401(k) plans, and alternative investments.
