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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