New Survey Reveals Technology is a Key Driver of Advisor Migration

Greener Pastures: 83% of Financial Advisors Are Happy They Switched Firms; 35% Wish They Did It Sooner, Finds Advisor360°

Media

Jacqueline Murphy
Advisor360°
(781) 366-4222
mediainquiry@advisor360.com

When financial advisors change firms, it appears the grass is greener on the other side. Eighty-three percent of advisors who have switched firms in the past three years say they are satisfied with their decision, according to new data from Advisor360°. What’s more, 35% of those surveyed wish they had moved sooner.

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Top Reasons Financial Advisors Leave Their Firms (Source: Advisor360°, 2025 Connected Wealth Report: Advisors in Transition)

What’s driving this mass migration? It’s not just the Benjamins.

Advisor360°’s most recent survey found that technology plays a pivotal role in the choices financial advisors make about where they want to work. Seventy-nine percent of advisors said technology was a key factor in their decision to switch firms. In fact, the search for better tech tools and capabilities was the top reason cited by advisors for making a move, surpassing even compensation—which ranked second. Other factors—including career growth and improved work-life balance—reflect a broader trend of advisors seeking workplaces that support personal and professional fulfillment.

“Advisors aren’t only looking for more income personally—they want better tech for themselves and their clients. They want tools that serve clients effectively, bring on new clients more efficiently and streamline their operations,” said Darren Tedesco, President at Advisor360°. “They also want to improve their work-life balance—and technology plays a role in that.”

Advisor360° surveyed 155 advisors who recently switched firms as part of the 2025 edition of its Connected Wealth Report research series.

Advisors’ Technology Wish List

Nearly all advisors (98%) who have moved faced technology challenges at their previous employers. Lack of end-client capabilities was their top technology complaint, followed by bad data and a lack of access to preferred tools or systems.

Once settled at their new firms, advisors experienced productivity gains compared to their former workplaces. Reporting tools, client-facing apps, and AI-driven solutions were cited as the biggest game-changers for advisor productivity. More than a third of advisors (34%) said that digital onboarding significantly streamlined the process of transitioning clients.

“Poor technology isn’t just an inconvenience—it’s a roadblock to growth and client satisfaction. It’s no surprise that client expectations for modern technology are a trigger for advisors to seek out firms with better capabilities,” said Tedesco. “Without the right tools, advisors can’t provide the services their clients expect.”

The survey found a direct correlation between advisor job satisfaction and their new technology setup. Eighty-six percent of satisfied advisors reported that the technology at their new firms met expectations. Conversely, all advisors who regretted their move also said their new technology did not meet expectations.

Breaking Up Is Hard to Do: Transition Challenges

While moving on may seem enticing, it’s not without challenges. But technology can make the process simpler: 78% of survey respondents said technology eased their transition.

Advisors reported that the most difficult aspects of switching firms were managing their work-life balance during the transition, adjusting to new compensation models, and learning new technology. They cited regulatory requirements and client communication as top hurdles in transitioning their clients.

These advisors also report that when it comes to technology, there’s still room for improvement. Forty-two percent cited system integration and data accuracy concerns among the main challenges of transitioning.

Timing plays a role in having an easier transition. Survey respondents favored moving during the first and third quarters of a calendar year, 33% and 26% respectively, over other times of the year.

To access the Advisors in Transition findings from the 2025 Connected Wealth Report, please click here.

About the Survey

As part of its award-winning Connected Wealth Report research series, Advisor360° surveyed 155 financial advisors at enterprise wealth management firms in the U.S. who had switched employers within the last three years to better understand what motivates advisors to make a move. These responses were collected in connection with a larger telephone- and email-based survey of 300 U.S. financial advisors focused on the impact of technology on the business of wealth management. Survey participants self-identified as being responsible for managing, on average, $2 billion in assets—individually or as part of a team—and hailed from firms with an average AUM of $97 billion.

The survey was fielded between September and October 2024 by Coleman Parkes Research on behalf of Advisor360°. Advisor360° and Coleman Parkes are separate and unaffiliated organizations.

About Advisor360°

Advisor360° builds, integrates and delivers technology for wealth management firms. The company’s award-winning integrated and open architecture SaaS platform brings a connected digital wealth experience to financial advisors, their clients and the home office so that firms can drive better outcomes and innovate quickly. Advisor360° clients benefit from timesaving capabilities and streamlined workflows when it comes to portfolio and performance reporting, financial planning, insurance, proposal generation, trading and model management, digital onboarding, document management, analytics and compliance. The company’s proprietary Unified Data Fabric® (UDF) is the foundation of its platform, weaving together shared services and pre-built integrations that work with existing technology stacks. The company is headquartered in Weston, Massachusetts, with offices in Bengaluru, India; and remote workforces in Canada and Northern Ireland. Today, three million households with $1 trillion in assets benefit from the connected Advisor360° experience. To learn more, visit www.advisor360.com.

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