The continued migration among wirehouse advisers is creating tremendous operational pressures on asset management, brokerage and operations companies. Top producers expect to get up and running without a hitch. Consequently, non-wirehouse firms are scrambling to implement the necessary infrastructures to support expat advisers with the same or better technical resources they left behind.
Research firm Discovery tracked record movement of registered representatives, including financial advisers, from the bulge-bracket firms this past year. Migrations eased somewhat overall at the beginning of 2010, but in January, more than 350 wirehouse brokers moved to another wirehouse, a regional firm, an independent or a bank.