Many financial advisors are shaking off the uncertainties of 2017 and getting ready to consider making the moves that they had put on hold. In my view, this means more advisors will be making strategic moves in the next year even as packages remain off the stratospheric highs of 2015-16.
For more than a year, the financial advice community has been debating the impact of the fiduciary rule introduced under the Obama administration’s Department of Labor. Major wirehouses hit the pause button on recruitment and sliced recruiting packages. Advisors considered whether and how to revamp their practices to adhere to the new proposals. Faced with a shifting regulatory landscape, many were afraid to make even lateral moves to rival firms-let alone drastic business model changes.