According to Boostrom, after the protocol departure by Morgan Stanley and UBS, there is now more advisor interest in independent business models. He said advisors expressed to him concerns that the departures would make it harder for their practices to leave certain wirehouses, so those advisors are re-evaluating their employment.
He also added the upcoming changes to the tax law are causing some advisors to rethink their setup and perhaps look at models like Wells Fargo's.
“That potential tax law change has sparked interest specifically in independence because now they can be a business owner and pay less in taxes for doing the same thing that they do today to take care of their clients,” said Boostrom.
FiNet said it has more interest in assisting the growth efforts of its existing practices than in new practices.