Each month, AdvizorPro tracks advisor movement across the wealth management industry to surface where advisors are coming from, where they are going, and which firms are winning or losing talent. 

April 2026 saw 1,563 advisor moves recorded across broker-dealers, RIAs, wirehouses, and independent platforms. The data reflects a market in constant motion, with firms like LPL Financial and Raymond James continuing to absorb talent while wirehouse and insurance broker-dealer models face outflows.

Data as of April 30th, 2026

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Firms with the Highest Net Inflows in April 2026

The table below ranks the top 10 firms by net inflow, calculated as total advisors joining minus total advisors departing. 

LPL Financial led the month by a wide margin, recording 94 inflows against 41 outflows for a net gain of 53 advisors. Raymond James came in second with a combined net gain of 36 advisors across its affiliated entities, recording 59 inflows against 23 outflows. 

Voya Financial Advisors and MML Investors Services also posted strong net gains, while Neuberger Berman BD, Private Client Services, and LaSalle St Securities each recorded 8 net inflows with zero departures. 

Schwab Wealth Advisory added 13 advisors while losing only 3, reflecting a continued pattern of talent consolidation inside the Schwab ecosystem following its acquisition of TD Ameritrade. 

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Firms with the Highest Net Outflows in April 2026

On the other side of the ledger, Merrill Lynch recorded the largest net loss in April, with 71 departures against only 21 inflows for a net outflow of 50 advisors. 

Fidelity Brokerage Services followed closely with a net loss of 48, recording 60 outflows against 12 inflows. Equitable Advisors lost 36 advisors while adding only 4, and Northwestern Mutual Investment Services lost 29 while recording just 1 inflow. 

The pattern across this group reflects a broader structural shift that has been visible for several consecutive months: large captive and insurance-affiliated broker-dealers continue to lose advisors to independent platforms and fee-based RIA models. 

Top 10 Firms by Total Inflows in April 2026

Looking at raw inflow volume, LPL Financial absorbed more advisors than any other firm in April, recording 94 total inflows. J.P. Morgan Securities came in second with 80 inflows, though the firm also posted the highest outflow total in the dataset, making it the month's most active two-way mover. 

Raymond James ranked third with 59 combined inflows across its affiliated entities, ahead of Morgan Stanley at 35. Charles Schwab and Wells Fargo Clearing Services each recorded 32 inflows to round out the top six. 

Merrill Lynch, despite its significant net loss, still attracted 21 inflows during the month, a reminder that even firms with high departure rates continue to recruit. 

Voya Financial Advisors, MML Investors Services, and Fisher Investments each recorded between 18 and 19 inflows. 

Top 10 Firms by Total Outflows in April 2026

J.P. Morgan Securities led all firms in raw outflow volume in April with 82 departures, narrowly edging Merrill Lynch's 71. Fidelity Brokerage Services recorded 60 outflows, Morgan Stanley posted 48, and LPL Financial, despite leading in net gains, still saw 41 advisors depart during the month. 

Charles Schwab recorded 38 outflows, consistent with movement between its affiliated entities. Equitable Advisors, Edward Jones, Northwestern Mutual Investment Services, and Wells Fargo Clearing Services each recorded between 28 and 36 outflows. 

The volume of movement at firms like J.P. Morgan and Fidelity reflects both natural attrition and the continued appeal of independent platforms for advisors seeking more flexibility. 

Asset managers and wealthtech firms tracking talent flow can use AdvizorPro's TrafficIQ alongside advisor move data to identify when newly transitioned advisors are actively researching new solutions.

What the April Data Tells Us

April 2026 reinforced trends that have been consistent across recent months. Independent and fee-based platforms are winning the talent war. LPL Financial's dominance at the top of the net inflow rankings is not a one-month anomaly. 

It reflects a structural shift in how advisors think about their business model, their payout structure, and their ability to serve clients without a wirehouse overhead. Raymond James continues to benefit from the same dynamic, capturing advisors looking for independence without full self-employment.

 On the outflow side, insurance-affiliated broker-dealers like Northwestern Mutual and NYLife continued to bleed talent at disproportionate rates relative to their inflows. Merrill Lynch and Fidelity, despite their brand strength, are not immune to this pressure either.

For distribution teams at asset managers, ETF issuers, and wealthtech platforms, these moves represent a continuous pipeline of advisors in transition, open to new conversations and new solutions. The window to reach a newly moved advisor is narrow. AdvizorPro tracks registration changes daily so your team can act on this intelligence before your competitors do.

About AdvizorPro

AdvizorPro is the advisor intelligence platform built for asset managers, ETF issuers, wealthtechs, and distribution teams that need to identify, prioritize, and engage financial advisors. With verified data across 750,000+ RIAs, family offices, and broker-dealers, combined with AI-powered lead scoring, TrafficIQ visitor intelligence, native CRM integrations, and now direct connectivity to Claude and ChatGPT, AdvizorPro powers the go-to-market strategies of leading firms across the wealth management ecosystem.

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