Advisor Moves September 2026

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 LPL Financial took the top spot in advisor inflows, adding 146 advisors, and it also posted the industry's largest net gain at plus 44, extending its run atop the net inflow rankings to a third straight month. 

J.P. Morgan Securities, which led inflows in July and August, slipped to second with 120 inflows, though it again recorded the highest raw outflows at 108. Raymond James was the other story of the month, adding 76 advisors against 44 departures for a net gain of plus 32, the second best net movement of any firm. 

This report breaks down the top firms by advisor inflows, outflows, and net movement for September 2026, powered by AdvizorPro real time tracking data.

Data as of October 5, 2026

Who Is Gaining Advisors and Who Is Losing Them

September's advisor movement data shows LPL Financial on both sides of the leaderboard at once, leading inflows with 146 while recording the second highest outflows at 102, a combination that still left it far ahead on net. 

J.P. Morgan Securities held the top spot in outflows at 108 and finished at a net gain of plus 12, a sharp contrast to Schwab Wealth Advisory, which added 30 advisors against only 4 departures for a net gain of plus 26. Merrill Lynch, Pierce, Fenner and Smith, which led the net outflow list in August at negative 55, improved to negative 24 and sixth place, while Northwestern Mutual Investment Services took over the top net outflow position with 2 inflows against 47 outflows.

 For recruiting and distribution teams following these shifts, our recent look at breakaway advisors shows where advisors who left the wirehouses chose to land.

Top Firms by Advisor Inflows September 2026

LPL Financial led all firms with 146 inflows in September, followed by J.P. Morgan Securities at 120. Raymond James came in third with 76 inflows, ahead of Merrill Lynch, Pierce, Fenner and Smith at 66 and Wells Fargo Clearing Services at 60.

Morgan Stanley placed sixth with 58 inflows and Ameriprise Financial Services followed at 43. Schwab Wealth Advisory posted 30, while Cetera Investment Advisers and Edward Jones rounded out the top ten with 29 each.

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A closer look at where Raymond James's September inflows came from shows a broad mix of firms, led by seven advisors who joined from Edward Jones and six from LPL Financial. The data also shows several team moves, including a group of four advisors who moved from UBS Financial Services to Raymond James on the same day in San Francisco, California, five who arrived from RBC Capital Markets on September 21, and four who moved from Commonwealth Financial Network on September 30

Additional advisors arrived from Morgan Stanley, Merrill Lynch, Wells Fargo Clearing Services, Truist, and Janney Montgomery Scott, among others, underscoring how wide the firm's recruiting net was cast this month.

Top Firms by Advisor Outflows September 2026

J.P. Morgan Securities led all firms in raw outflows in September with 108 advisors departing, followed by LPL Financial at 102 and Merrill Lynch, Pierce, Fenner and Smith at 90. Wells Fargo Clearing Services posted 82 outflows for fourth place, a reminder that even the firms leading the inflow rankings see significant advisor turnover of their own.

Charles Schwab and Co. recorded 64 outflows and Morgan Stanley posted 63. Commonwealth Financial Network and Northwestern Mutual Investment Services tied at 47 each, followed by Raymond James at 44 and Edward Jones at 42.

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Raymond James's September departures show up in identifiable clusters, and most of them were headed to the same place. A group of five advisors moved from Raymond James to LPL Financial on September 8 in Monroe, Louisiana, and a separate group of five made the same move on September 14 across Amarillo, Lubbock, and Pampa, Texas. In all, twelve Raymond James advisors landed at LPL Financial during the month. Team departures like these are often the clearest signal of where advisor loyalty is shifting next.

Net Inflow Leaders September 2026

LPL Financial topped the net inflow rankings for a third consecutive month with a gain of plus 44, the result of 146 inflows against 102 outflows. Raymond James came in second at plus 32, gaining 76 advisors against 44 outflows, and Schwab Wealth Advisory followed at plus 26 on just 4 departures. TIAA-CREF Individual and Institutional Services placed fourth at plus 17, and PNC Wealth Management came in fifth at plus 16.

Fifth Third Securities and Private Advisor Group tied at plus 13, followed by &Partners, Empower Advisory Group, and J.P. Morgan Securities at plus 12 each. Rockefeller Financial also posted plus 12 this month. J.P. Morgan's net gain came on 120 inflows against 108 outflows, while &Partners added 13 advisors with a single departure.

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Net Outflow Leaders September 2026

Northwestern Mutual Investment Services posted the largest net outflow in September at negative 45, recording 2 inflows against 47 outflows. Charles Schwab and Co. and Commonwealth Financial Network tied for second at negative 43, with Charles Schwab and Co. posting 21 inflows against 64 outflows and Commonwealth Financial Network recording just 4 inflows against 47 outflows, a deepening of the pressure on the firm that we saw in August. Equitable Advisors and Strategic Advisers followed at negative 25 each.

Merrill Lynch, Pierce, Fenner and Smith recorded negative 24, while UBS Financial Services and Wells Fargo Clearing Services each posted negative 22. NYLIFE Securities came in at negative 18, and BofA Securities rounded out the top ten at negative 15, a figure Osaic Wealth matched this month. Much of the broader RIA and broker dealer consolidation behind these shifts is tracked in our RIA M&A roundup.

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Fast Growing Wealth Management Firms by Advisor Headcount September 2026

The biggest names dominate the raw inflow rankings, but some of the sharpest percentage growth in September came from mid-sized independent firms.

 Comparing advisor headcount on August 31 with September 30 for firms with more than 50 advisors, three stood out.

 OnePoint BFG Wealth Partners grew from 112 advisors to 124, a gain of 10.7 percent, with ten of its tracked arrivals coming from Northwestern Mutual Investment Services during the month. NewEdge Wealth in Stamford, Connecticut grew from 137 advisors to 150, up 9.5 percent, welcoming advisors from Merrill Lynch, UBS Financial Services, and Morgan Stanley among others. 

BBR Partners, the New York based multi-family office, added five advisors to move from 55 to 60, a 9.1 percent increase. For firms of this size, a handful of hires moves the headcount meaningfully, which is why these names rarely appear on the raw inflow leaderboards above.

What September Advisor Moves Reveal

September showed how quickly the advisor movement leaderboard can change from one month to the next. LPL Financial overtook J.P. Morgan Securities for the top spot in inflows and extended its net inflow lead to a third straight month, while J.P. Morgan held the heaviest outflows and a much narrower net gain of plus 12. Schwab Wealth Advisory's plus 26 stood out because it came with almost no attrition, while Northwestern Mutual Investment Services, Charles Schwab and Co., and Commonwealth Financial Network anchored the net outflow side.

Raymond James is again the name to watch. The firm added 76 advisors in September against 44 departures, a net movement of plus 32 that trailed only LPL Financial, and the team moves in both directions show how active its advisor base is heading into the fourth quarter.

For more on who is actually behind these numbers, including tenure, gender mix, and channel differences across the advisor population, see our recent U.S. Wealth Advisor Demographics Report 2026.

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Advisor Moves August 2026: Raymond James Breaks Into the Top 3

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J.P. Morgan Securities held the top spot in advisor inflows for a second straight month in August 2026, adding 108 advisors, though its pace slowed from July's 121. The firm was also the busiest in the industry in the other direction, posting the highest raw outflows of any firm at 111, a near even trade that left it essentially flat for the month. Raymond James was the real story of August, gaining 61 advisors against just 26 departures for a net inflow of plus 35, the second best net movement of any firm this month.

 This report breaks down the top firms by advisor inflows, outflows, and net movement for August 2026, powered by AdvizorPro real time tracking data.

Data as of September 1, 2026

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Who Is Gaining Advisors and Who Is Losing Them

August's advisor movement data shows J.P. Morgan Securities leading both sides of the ledger at once, a rare position that speaks to how much recruiting and attrition activity runs through the industry's largest wirehouses simultaneously. 

LPL Financial extended its run atop the net inflow rankings, posting a net gain of plus 38 in August after leading net inflows in July as well. Merrill Lynch, Pierce, Fenner and Smith again posted the industry's largest net outflow, losing a net 55 advisors after leading that list in July too, evidence that the wirehouse's attrition problem has not let up.

 Raymond James stood out as the month's most improved story once its full advisor movement is counted, with 61 advisors joining the firm in August against 26 who left. 

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Top Firms by Advisor Inflows August 2026

J.P. Morgan Securities led all firms with 108 inflows in August, followed by LPL Financial at 97. Raymond James rounded out the top three with 61 inflows, moving ahead of Wells Fargo Clearing Services, which posted 60 for the month.

Merrill Lynch, Pierce, Fenner and Smith and Morgan Stanley tied for fifth place with 47 inflows each. Vanguard Marketing Corporation placed seventh with 33 inflows, MML Investors Services followed at 32, Citigroup Global Markets posted 30, and Ameriprise Financial Services rounded out the top ten at 27.

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A closer look at where Raymond James's August inflows came from shows a broad mix of firms across the industry, led by eight advisors who joined from Commonwealth Financial Network, including a cluster of four who moved from Commonwealth to Raymond James on the same day in Rochester, New York. Additional advisors arrived from UBS Financial Services, Merrill Lynch, Morgan Stanley, LPL Financial, Wells Fargo Clearing Services, J.P. Morgan Securities, Edward Jones, and Cambridge Investment Research, among others, underscoring how wide Raymond James's recruiting net has been cast this year.

LPL Financial's second place finish in August comes as the firm continues onboarding advisors from its Commonwealth Financial Network acquisition, a deal that fits into the broader wave of RIA and broker dealer consolidation we mapped out in The 2026 RIA Aggregator Map. Integration is expected to wrap up in the fourth quarter of 2026, and LPL's recruiting numbers so far this year still reflect organic growth rather than the pending Commonwealth conversion, meaning the largest single wave of advisor movement tied to that deal is still ahead.

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Top Firms by Advisor Outflows August 2026

J.P. Morgan Securities led all firms in raw outflows in August with 111 advisors departing, narrowly ahead of Merrill Lynch, Pierce, Fenner and Smith at 102. LPL Financial posted 59 outflows for third place, followed closely by Wells Fargo Clearing Services at 58, a reminder that even the firms leading inflow rankings see significant advisor turnover of their own.

Morgan Stanley recorded 56 outflows, Charles Schwab and Co. posted 54, and Edward Jones came in at 51. UBS Financial Services rounded out the middle of the list at 41, while Strategic Advisers and Commonwealth Financial Network tied for ninth and tenth at 37 and 35 respectively.

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Raymond James's August departures also show up in identifiable clusters. A group of four advisors left Raymond James for Wells Fargo Advisors Financial Network on the same day, split evenly between satellite offices in Fresno and Chico, California, and a separate pair of advisors departed for CreativeOne Wealth out of the same Overland Park, Kansas office. Team departures like these are often the clearest signal of where advisor loyalty is shifting next.

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Net Inflow Leaders August 2026

LPL Financial topped the net inflow rankings for a second consecutive month with a gain of plus 38, the result of 97 inflows against 59 outflows. Raymond James came in second at plus 35, gaining 61 advisors against 26 outflows, and Vanguard Marketing Corporation followed at plus 24. Schwab Wealth Advisory rounded out the top four at plus 23, and MML Investors Services placed fifth with a net gain of plus 13.

TIAA-CREF Individual and Institutional Services and Kestra Advisory Services tied for sixth and seventh at plus 12 each, followed by Empower Advisory Group at plus 11 and Fifth Third Securities at plus 10. Corient rounded out the top ten with a net gain of plus 7, a sign that independent RIA aggregator platforms are also winning their share of advisor talent this year.

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Net Outflow Leaders August 2026

Merrill Lynch, Pierce, Fenner and Smith posted the largest net outflow in August at negative 55, recording 47 inflows against 102 outflows. Commonwealth Financial Network followed at negative 34, and Strategic Advisers came in at negative 31. Charles Schwab and Co. and Northwestern Mutual Investment Services tied for fourth and fifth, each posting a net outflow of negative 27.

NYLIFE Securities recorded a net outflow of negative 26, Edward Jones posted negative 25, and Equitable Advisors came in at negative 19. Park Avenue Securities rounded out ninth at negative 17, and UBS Financial Services closed out the top ten at negative 16.

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What August Advisor Moves Reveal

August continued several of the patterns that have defined advisor movement in 2026. J.P. Morgan Securities held the top spot in inflows for a second straight month while also posting the industry's heaviest outflows, a combination that left the firm nearly flat on net despite topping both leaderboards. LPL Financial's net inflow lead extended into a second month as well, evidence that its recruiting pipeline, including the advisors still to come from the Commonwealth Financial Network acquisition, continues to outpace departures.

Raymond James is the name to watch heading into the fall. The firm gained 61 advisors in August against only 26 departures, a net movement of plus 35 that trailed only LPL Financial for the best net inflow performance of any firm tracked this month, a marked shift from the roughly flat net movement Raymond James posted in July.

For more on who is actually behind these numbers, including tenure, gender mix, and channel differences across the advisor population, see our recent U.S. Wealth Advisor Demographics Report 2026.

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Advisor Moves July 2026

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