Registered Rep Firm Moves — April 2025 Analysis
This report analyzes the movement of registered representatives between firms during April 2025. Using proprietary tracking of U4 transitions, we highlight the top firms gaining and losing advisors, along with those posting the highest net growth.
Advisor mobility remains high amid continued platform consolidation, evolving compensation structures, and growing interest in hybrid and independent affiliation models. April’s data reveals which firms are gaining ground as competition for experienced advisors remains high across the wealth management landscape.
Top Firms by Inflows
Insights:
- LPL led advisor inflows for the second month in a row, though volume fell from 346 in March to 263 in April, suggesting a possible slowdown in onboarding or pacing after a strong Q1.
- Independent-aligned firms like Commonwealth and Purshe Kaplan Sterling continue to gain share, as advisors prioritize flexibility. Commonwealth’s inclusion in the top 10 comes just weeks after its announced acquisition—suggesting early signs of advisor confidence or opportunistic recruiting before integration.
- Wirehouses remained active recruiters, but most also appear on the outflows list, indicating that gross recruiting success is being offset by retention challenges.
Top Firms by Outflows
Insights:
- J.P. Morgan Securities posted the highest outflows for a second straight month, likely tied to structural segmentation changes and retention challenges at the Private Wealth level.
- LPL and Fidelity each saw a sharp rise in departures, which may reflect the natural churn that follows aggressive Q1 recruiting efforts and broader advisor transitions tied to comp cycles, succession planning, and platform evaluation.
- Wirehouses and large BDs remain under pressure, with most losing over 200 reps in April alone—pointing to sustained advisor movement toward independent and boutique models.
- Schwab’s elevated outflows come on the heels of post-merger tech transitions, which may be frustrating reps navigating evolving client platforms.
Top Firms by Net Inflows
Insights:
- Boutique and mid-size firms dominated net gains, as advisors prioritize culture fit, transparency, and leaner operational models.
- &Partners, Cerity, and Bleakley again posted perfect or near-perfect retention, showing sustained advisor loyalty at smaller firms.
- Platforms offering flexible affiliation models continue to outperform, a trend reinforced by recent M&A activity and evolving regulatory expectations.
Top Firms by Net Outflows
Insights:
- J.P. Morgan Securities’ net loss widened from -44 in March to -328 in April, suggesting a deepening retention problem as business lines restructure.
- Fidelity’s -301 net loss reflects rising pressure on low-payout, call center-driven models, especially as more advisors pursue independence or hybrid platforms.
- Major wirehouses and legacy firms continue to struggle, with few showing consistent net inflow months—a sign their traditional models may need deeper structural updates.
- Custodial and clearing disruptions post-merger continue to play a role, with firms like Schwab and Osaic experiencing elevated movement amid platform changes.
Author:
Cole Cummings
Growth Marketing Manager