2024 Supported Independence Study
Advisors could use more support in both the decision-making and transitioning process.
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Key Findings
- Advisors currently considering independence are more likely to join or affiliate with an existing RIA (44%) than create their own firm (31%).
- 60% of advisors considering independence are most likely to look to advisors who previously made the transition for advice; another 45% said they would consult with other advisors considering independence.
- Two in five (41%) recently independent advisors said they spent between one and three years making the decision to transition to independence.
About the study
Schwab’s Supported Independence Study is conducted for Charles Schwab by Logica Research.* The quantitative survey, conducted from March 11 through April 8, 2024, polled 200 financial advisors: 42 who currently work for an RIA and transitioned to independence within the past four years (“recently independent”) and 158 who currently work for an IBD or brokerage firm and are considering transitioning to independence in the next three years (“considering independence”). Participation was voluntary, and the typical (median) survey length was 10 minutes.
Media Contact: Mike Peterson
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*Logica Research is neither affiliated with, nor employed by, Charles Schwab & Co., Inc.