This report analyzes registered representative movements between firms during August 2025. LPL Financial LLC emerged as the clear winner with the highest inflows (+442 reps), while First Horizon Advisors experienced the largest outflows (-254 reps).

‍

Top 10 Firms with Most Inflows

‍

Top 10 Firms with Most Outflows

Two things to note:

1. LPL and First Horizon Bank recently announced a strategic relationship to transition First Horizon Advisors’ broker-dealer and advisory services to LPL’s Institution Services platform.
   
   
2. Raymond James accelerated its recruitment drive in August with a series of hires from Commonwealth Financial Network, bringing in teams that collectively managed over $1 billion in client assets at their previous firm.
   
   

The Bottom Line

August’s advisor movement data highlights the accelerating competition across independent and wirehouse channels. LPL’s rapid expansion reflects its growing institutional reach, while First Horizon’s transition underscores the continued consolidation trend toward scale and technology-driven service models.

For related insights, explore how firms are reshaping the recruiting landscape in the Advisor Movement Trends Report 2025, uncover the data behind Top Independent RIAs 2025, or learn how analytics tools like the TrafficIQ Marketing Playbook help firms identify advisor intent and track engagement in real time.

Start your free trial to see how AdvizorPro helps leading wealth management firms, custodians, and recruiters monitor advisor transitions, analyze RIA growth patterns, and uncover emerging opportunities in the independent advisory ecosystem.

‍