Firms striving to retain top talent have their work cut out for them in an industry rife with disruption, according to a new study.
Employee advisors with production greater than $1 million gave their firms worse job satisfaction marks than their lower-producing colleagues, J.D. Power found in a survey released last month
. Independent advisors rated their broker-dealer firms higher, but their satisfaction fell for the third straight year.
J.D. Power’s annual survey linked the growing discontent to the uncertainty surrounding the fiduciary rule
, changes to firms’ compensation
, frustrations with leadership and the impact of technology, says Mike Foy, the consulting firm’s director of wealth management.
The space is “in a period of transformation,” Foy says. “There are things happening that have the potential to change the fundamental nature of the industry.”
More than 2,700 advisors submitted answers through mail and email surveys between January and April, he notes. Each advisor rated their firms on a 1,000-point scale in seven categories, including pay, leadership, professional development, technology and client support.
Click through the slideshow to see how the changes have roiled advisors' attitudes about their firms.