Most financial advisors who move from one firm to another say technology challenges at their previous employers were their top motivator.
According to a new survey by Advisor360°, 83% of advisors who changed firms in the past three years are satisfied with their decision, and 35% said they wish they had moved sooner.
Among advisors who moved, 79% said technology was a key factor in their decision, surpassing compensation, which ranked second. Career growth and improved work-life balance were also cited, reflecting a trend of advisors seeking workplaces supportive of personal and professional fulfillment, according to a news release from Advisor360°.
“Advisors aren’t only looking for more income personally — they want better tech for themselves and their clients,” said Darren Tedesco, President at Advisor360°. “They want tools that serve clients effectively, bring on new clients more efficiently and streamline their operations. They also want to improve their work-life balance — and technology plays a role in that.”
As part of the 2025 edition of its Connected Wealth Report research series, Advisor360° surveyed 155 advisors who recently changed employers.
Of the 98% citing tech woes, lack of end-client capabilities was the top complaint, followed by bad data and a lack of access to preferred tools or systems.
Advisors who moved reported productivity gains compared with their former workplaces. Tech they listed as the biggest productivity enhancers included reporting tools, client-facing apps and AI-driven solutions. Digital onboarding greatly streamlined the process of transitioning clients, according to 34% of those advisors.
“Poor technology isn’t just an inconvenience — it’s a roadblock to growth and client satisfaction,” Tedesco said. “It’s no surprise that client expectations for modern technology are a trigger for advisors to seek out firms with better capabilities. Without the right tools, advisors can’t provide the services their clients expect.”
There is a direct correlation between advisor job satisfaction and their new technology setup, the survey found. Among satisfied advisors, 86% reported their new firm’s tech met their expectations. But in every case, advisors who regretted moving said their new firm’s technology was sub-par.
Moving presents challenges, but 78% of survey respondents reported that technology eased the transition. The most challenging aspects of changing firms were managing work-life balance during the transition, adjusting to new compensation models, and learning new technology, advisors said. Regulatory requirements and client communication were top hurdles in transitioning their clients.
There’s still room for improvement in technology, advisors said. System integration and data accuracy concerns remain top challenges of transitioning, according to 42%.
Timing is important. Advisors said the best time to move is during the first quarter (33%) or third quarter (26%) of a calendar year.
