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Only 361 wirehouse advisors changed firms in October, according to research firm, Discovery Database. This is down from 380 in September and a massive shift of 990 in July.
Of the wirehouse advisors that switched firms, 34% moved to another wirehouse, while 18% went independent. Another 11% of those wirehouse advisors went to a regional firm.
Looking at nearly a full year of data, Discovery found that 24,441 advisors changed firms between November 2008 and October 2009. Of those, 40% were from wirehouses. Despite the publicity around wirehouse advisors looking to go independent in light of the troubles facing the big Wall Street firms, 52% of the wirehouse advisors who changed firms went to another wirehouse.
