Bigger brokerages are right to worry about employee attrition. But one firm is lapping up all the defections, according to Reuters.
On a recent analyst call, Fred Tomczyk, the CEO of TD Ameritrade, told analysts that the online brokerage is seeing one "breakaway broker" join up per day.
"The breakaway broker market continues to be robust," he said. "We are having more and more conversations with wirehouse financial consultants eager to learn more about the RIA model, and our . . . pipeline is at a record level."
Investment advisors are leaving bigger wirehouses in droves, and TD Ameritrade is welcoming them with open arms. The brokerage currently has more than 4,000 registered investment advisors.
Related: Wall Street Goes Main Street as Wirehouse Brokers Flock to RIA Firms