Almost 11,200 Advisors Switched Firms Last Year

Look who’s got some personal news.

Nearly 11,200 experienced advisors (those with more than three years in the business) switched firms in 2025, a jump of more than 16% from the previous year, according to a Diamond Consultants report. That’s well above the 2022–2024 average, when roughly 9,400 advisors switched firms annually.

Several factors fueled the spike in transitions, notably LPL Financial’s buyout of Commonwealth, which naturally drove attrition. Independent firms also sweetened transition deals with sign-on bonuses, partnership opportunities and other incentives, encouraging further movement. But, the big winners were the advisors themselves, enjoying unprecedented choice in where to take their practices.

“Big advisors went to wirehouses, regional firms, boutique firms, independent broker-dealers, started RIAs and sold their businesses,” said Jason Diamond, President of Diamond Consultants. “It’s all of these flavors.”

Where’d You Go?

Wirehouses and large firms haven’t made retention easy on themselves. Diamond noted cost-cutting, reduced support, heavy-handed compliance and shifting compensation plans have prompted departures. “Some W2 firms are guilty of this, but UBS has become the poster child,” he said. Looking ahead, AI is emerging as a factor in advisor decisions. “Advisors will start asking how firms are positioning themselves for AI and whether they’re using cutting-edge tools,” Diamond told Advisor Upside. “It’s going to become an important question that could spur future movement.”

The report found:

• Overall, wirehouses saw net losses of 302 advisors in 2025. UBS and Merrill Lynch lost 243 and 255 advisors, respectively, while Wells Fargo and Morgan Stanley gained 85 and 111. 
• Meanwhile, regional and boutique firms were the clear winners at the channel level. Raymond James, Rockefeller, and RBC reported net gains of 118, 80, and 40 advisors.

“Not every advisor wants to be independent, but they’re also fed up with the wirehouse world and want something between the two,” Diamond said.

Never Too Old. Contrary to expectations, veteran advisors nearing retirement are among the most mobile. Last year’s transitions averaged 22 years of industry service, showing that even experienced teams are willing to make moves. “It’s a little bit of a stretch because you have to correlate length-of-service to productivity, but teams that presumably have strong service, know how everything works and are treated well are still leaving,” Diamond said. “That just underscores the point that advisors have so many good options right now.”