Advisor mobility accelerated in 2025, but understanding where advisors moved requires a closer look at channel level transitions.

This analysis builds on the broader findings from the US Wealth Advisor Movement Report, breaking down how advisors transitioned across Broker Dealer, Dually Registered, RIA, and Wirehouse channels.

Rather than focusing only on firm level movement, this view highlights structural channel behavior and competitive pressure across the ecosystem.

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Channel Transition Counts 2025

Channel Transition Percentages 2025

Channel Transition Heatmap: Advisor Migration Paths

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RIA Stickiness Remains Exceptionally High

Among advisors who originated in the RIA channel, 97.4% remained within the RIA model in 2025. Only 2.6% transitioned elsewhere.

In raw counts, 15,749 RIA advisors stayed within the channel, compared to just 119 moving to Broker Dealer, 240 moving to Dually Registered, and 56 moving to Wirehouse models.

This reinforces a key structural theme: once advisors fully transition to the independent RIA model, reversal is rare. Independence continues to demonstrate long term durability.

Recent monthly data snapshots such as Advisor Moves January 2026 show similar patterns of sustained RIA strength.

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Dually Registered Advisors Are the Largest Feeder Into RIAs

The Dually Registered channel continues to serve as the primary pipeline into RIAs.

In 2025, 32.1% of dual origin advisors transitioned into the RIA channel, representing 8,820 advisors. This was the largest cross channel flow in the dataset.

At the same time, 56.9% of dual advisors remained dual, and 10.9% moved elsewhere.

This pattern suggests that dual registration often functions as a transitional structure rather than a permanent endpoint. Advisors testing independence frequently complete the shift into a pure RIA model over time.

These flows directly reinforce the broader platform switching dynamics discussed in 69,000+ Advisors Changed Firms in 2025, where fragmentation and competitive recruiting remain dominant themes.

Broker Dealer Retention Remains High, But Outbound Movement Is Steady

Broker Dealer advisors showed strong retention, with 88.9% remaining within the Broker Dealer channel.

However, 1,027 advisors moved from Broker Dealer to RIA, while 519 transitioned to Dually Registered and 692 moved to Wirehouse structures.

While the percentage shifting is relatively small, the absolute numbers remain meaningful. Even modest percentage leakage from large Broker Dealer populations creates significant competitive opportunity for RIAs and hybrid platforms.

Wirehouse Advisors Are the Most Cross Channel Mobile

Wirehouse advisors demonstrated the highest cross channel mobility in 2025.

Only 22.5% remained within the Wirehouse model.

26.4% moved into RIAs.

51.1% transitioned into other channels.

In raw counts, 1,574 Wirehouse advisors moved directly into RIAs, while 2,022 shifted into Dually Registered structures and 1,022 moved into Broker Dealer models.

This reinforces a long running structural shift: traditional Wirehouse platforms are facing sustained outbound pressure, particularly toward independent and hybrid models offering greater ownership flexibility and economic alignment.

What This Means for Platforms and Recruiters

Channel transitions are not random. They reflect structural shifts in advisor preferences, payout models, ownership incentives, and long term growth strategies.

The data shows:

• RIAs are structurally sticky

• Dually Registered advisors remain the largest conversion pool into RIAs

• Wirehouse advisors are the most mobile

• Broker Dealers maintain high retention but still face steady RIA leakage

For recruiters and platform executives, this underscores the importance of precision targeting. Not all channels present equal opportunity. Understanding where advisors originate and where they are statistically likely to move creates a meaningful competitive edge.

For asset managers and wealthtech providers, these shifts influence distribution access, territory realignment, and relationship continuity across channels.

Precision Matters in a Fragmented Market

The 2025 channel data reinforces that advisor mobility is active, competitive, and structurally asymmetric.

Growth opportunities are not evenly distributed across channels. They concentrate in predictable migration paths.

AdvizorPro continuously tracks advisor channel transitions, firm level recruiting, and platform switching behavior across the wealth management industry.

To explore the full dataset and deeper structural insights, read the complete US Wealth Advisor Movement Report or start your free trial here.

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