An aging sales force, industry consolidation and difficulty prospecting for new customers are presenting challenges for firms to retain brokers, according to a J.D. Power study.
Roughly 34% of employee advisors who are more than two years away from retirement say they may not stay with their current firm in the next one or two years, according to the survey.
Independent advisors appear more restless than their employee counterparts as more than 41% say they are considering changing firms, according to J.D. Power, which surveyed 4,027 employee and independent brokers between January and May 2024.
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