Of the wirehouse advisers who switched firms, 34% moved to another wirehouse, while 18% went independent. Another 11% of those wirehouse advisers went to a regional firm.
Looking at nearly a full year of data, Discovery found that 24,441 advisers changed firms between November 2008 and October 2009. Of those, 40% were from wirehouses. Despite the publicity around wirehouse advisers looking to go independent in light of the troubles facing the big Wall Street firms, 52% of the wirehouse advisers who changed firms went to another wirehouse.