Brokers said there are many challenges facing their employer in this environment, the biggest of which are regulations (55%), pricing pressure (40%), market volatility (35%), the coronavirus (32%), and rounding out the top five is public trust in financial firms (29%).
As for the challenges facing their practices, brokers cited attracting new clients and increasing revenue (56%), aging clients that could lead to withdrawals and net outflows (37%), the coronavirus pandemic (35%), changing corporate culture (23%), and public trust in financial firms (22%).
Most of those who have crossed over to independence found that the grass is indeed greener on the RIA side. They said the transition was easier than anticipated and the overall experience has been positive.
Seventy-seven percent indicated that their quality of life is better after the switch. Four in five (80%) said the move was easier than expected; 78% successfully transitioned all their clients; 73% said losing the national brand was better for bottom line; and 72% said the technology is better than expected.
About 69% of those who transitioned reported having plenty of support from others in the industry, an eight-percentage-point jump from 2019. Similarly, 59% said they were able to grow their business quicker than expected, also an eight-percentage-point jump from 2019.