Financial services firms are under significant pressure to retain advisors as the U.S. advisor population ages, industry consolidation continues, and organic growth rates slow, according to the J.D. Power 2024 U.S. Financial Advisor Satisfaction Study.

According to ThinkAdvisor, the study found that 34 percent of employee advisors and 41 percent of independent advisors more than two years away from retirement may not remain at their current firm in the next year or two. The study measured satisfaction among both advisors employed by a broker-dealer and those who are affiliated with a broker-dealer but operate independently.

The study also highlighted the top and bottom firms for advisor satisfaction. Among independent advisors, Commonwealth (819), Raymond James Financial Services (694), and Cambridge (676) scored above the segment average of 611. For employee advisors, Stifel (767), Raymond James & Associates (750), and Edward Jones (740) scored above the segment average of 637.

However, some firms fell below the segment averages. Among independent advisors, Cetera (557), Osaic (527), and Wells Fargo Advisors FiNet (447) scored below the segment average of 611. For employee advisors, Wells Fargo Advisors (563) and Morgan Stanley (538) scored below the segment average of 637.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.