Almost 11,200 Advisors Switched Firms Last Year

Core Insights - The number of experienced advisors switching firms increased to nearly 11,200 in 2025, a rise of over 16% from the previous year, significantly above the 2022-2024 average of approximately 9,400 advisors annually [1][2] Group 1: Factors Influencing Transitions - The spike in advisor transitions was driven by LPL Financial's acquisition of Commonwealth, which led to increased attrition [2] - Independent firms enhanced transition deals with sign-on bonuses and partnership opportunities, further encouraging advisor movement [2] - Advisors benefited from unprecedented choices regarding their practices, with many moving to various types of firms including wirehouses, regional firms, and independent broker-dealers [3] Group 2: Challenges for Wirehouses - Wirehouses and large firms faced challenges in retaining advisors due to cost-cutting measures, reduced support, and heavy compliance, with UBS highlighted as a notable example [3] - Advisors are increasingly considering how firms are adapting to AI technologies, which may influence their decisions to switch firms in the future [3] Group 3: Mobility of Veteran Advisors - Contrary to expectations, veteran advisors nearing retirement are among the most mobile, with transitions averaging 22 years of industry service, indicating a willingness to explore new opportunities [4] - The mobility of experienced teams suggests that advisors currently have many favorable options available [4] Group 4: Net Advisor Changes - Overall, wirehouses experienced a net loss of 302 advisors in 2025, with UBS and Merrill Lynch losing 243 and 255 advisors, respectively [5] - In contrast, regional and boutique firms reported net gains, with Raymond James, Rockefeller, and RBC gaining 118, 80, and 40 advisors, respectively [5]