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Inside views on the jobs market

Brokers set up shop on their own

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fidelity.jpgNEW YORK (Reuters) – In a typical week, Scott Dell’Orfano, executive vice president of Fidelity’s Institutional Wealth Service, would meet with three or four teams of financial advisers coming into his Boston office.

But on a recent rainy Wednesday, he met with four groups before noon.

More brokers are considering moving from a big brokerage house to set up their own shop and aligning themselves with a custodial firm such as Fidelity, the big mutual fund firm.

While the adviser teams — numbering anywhere from three to a dozen — are just kicking the tires and considering whether to leave a big firm for greener pastures, the number of visits has intensified lately.

“We have been seeing a trend in top producers researching and setting up their own shop in what three years ago was a fairly unknown space — that being the RIA (Registered Independent Adviser) model,” Dell’Orfano said.

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