J.P. Morgan Securities finished July 2026 as the leading recruiter of advisor talent, posting 121 inflows to edge out LPL Financial's 108, a reversal from June when LPL topped the list. On the other side of the ledger, Merrill Lynch, Pierce, Fenner and Smith recorded the heaviest departures of any firm at 118 advisors, narrowly ahead of J.P. Morgan's own 116 outflows. This report breaks down the top firms by advisor inflows, outflows, and net movement for July 2026, powered by AdvizorPro real time tracking data. If you missed last month's numbers, catch up on the Advisor Moves June 2026 report to see how the picture has shifted.

Data as of August 1st, 2026

Who Is Gaining Advisors and Who Is Losing Them

July brought a shakeup at the top of the inflows list. J.P. Morgan Securities and LPL Financial traded places from June, with J.P. Morgan's 121 inflows moving it past LPL's 108, even though LPL still posted the second highest total of any firm tracked this month. Merrill Lynch, Pierce, Fenner and Smith once again posted the heaviest raw outflows in the industry at 118, its second consecutive month near the top of that list, while also ranking fourth in inflows with 59, for a net loss of 59 advisors on the month.

Top Firms by Advisor Inflows July 2026

J.P. Morgan Securities led all firms with 121 inflows in July, followed by LPL Financial at 108 and Wells Fargo Clearing Services at 88. Merrill Lynch, Pierce, Fenner and Smith rounded out the top four with 59 inflows.

Morgan Stanley ranked fifth with 54 inflows, followed by Raymond James, combined across its three registered entities, at 46. MML Investors Services placed seventh with 36 inflows, Ameriprise Financial Services and RBC Capital Markets tied for eighth and ninth at 35 each, and Goldman Sachs and Co. rounded out the top ten at 27.

A closer look at where Raymond James's July inflows came from shows a broad mix rather than a single source. Advisors joined from LPL Financial, Morgan Stanley, Ameriprise Financial Services, Merrill Lynch, UBS Financial Services, and Charles Schwab, among others.

LPL Financial's second place finish comes as the firm continues onboarding advisors from its Commonwealth Financial Network acquisition. Integration is expected to complete in the fourth quarter of 2026, a process we examined in depth in The LPL Commonwealth Deal One Year Later. It is worth noting that LPL's June surge to 204 inflows was not Commonwealth's roughly 3,000 advisors landing on the platform. Those advisors remain registered under Commonwealth's own entity until the actual conversion takes place, and LPL's second quarter earnings call credited the quarter's recruiting strength to organic growth rather than the pending acquisition. The real Commonwealth wave is still ahead later this year.

Top Firms by Advisor Outflows July 2026

Merrill Lynch, Pierce, Fenner and Smith led all firms in raw outflows in July with 118 advisors departing, followed by J.P. Morgan Securities at 116 and Wells Fargo Clearing Services at 78. LPL Financial posted 72 outflows, placing fourth even as it ranked second in inflows, a reminder of how much movement runs through the industry's largest independent broker dealer in both directions.

Morgan Stanley recorded 57 outflows, Charles Schwab and Co. posted 50, and Raymond James, combined across its three entities, came in at 49. Osaic Wealth rounded out the middle of the list at 46, while Edward Jones and UBS Financial Services tied for ninth and tenth at 44 each. Cetera Investment Advisers, at 42 outflows, narrowly missed the top ten once Raymond James's combined total is included.

Net Inflow Leaders July 2026

LPL Financial topped the net inflow rankings with a gain of plus 36, the result of 108 inflows against 72 outflows. MML Investors Services came in second at plus 19, and Empower Advisory Group followed at plus 16. TD Private Client Wealth posted a net gain of plus 15 with zero outflows for the month, and RBC Capital Markets rounded out the top five at plus 14.

PNC Wealth Management and Schwab Wealth Advisory also posted net gains of plus 14 each, followed by Citizens Securities at plus 12. GT Securities recorded a net gain of plus 11 with zero outflows, and Corient rounded out the top ten at plus 10. Notably, Raymond James does not appear on this list. Despite ranking sixth in raw inflows, its combined net movement across all three entities was negative 3 for the month, a useful reminder that a firm's true net position can only be seen once its full footprint is counted together.

 For more on how the composition of advisor movement has evolved this year, see our recent analysis on Advisor Movement's Tenure Shift.

Net Outflow Leaders July 2026

Merrill Lynch, Pierce, Fenner and Smith posted the largest net outflow in July at negative 59, recording 59 inflows against 118 outflows. Northwestern Mutual Investment Services followed at negative 40, and Strategic Advisers came in at negative 31. Osaic Wealth posted a net loss of negative 29, and UBS Financial Services rounded out the top five at negative 27.

Charles Schwab and Co. recorded a net outflow of negative 25, NYLife Securities posted negative 22, and Edward Jones came in at negative 21. Cetera Investment Advisers and Equitable Advisors tied for ninth and tenth, each posting a net outflow of negative 21.

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July reshuffled the top of the recruiting leaderboard without changing the broader pattern that has defined 2026 so far. J.P. Morgan Securities overtook LPL Financial for the top inflow spot, while Merrill Lynch, Pierce, Fenner and Smith posted the industry's heaviest outflows for a second straight month, evidence that large wirehouses continue to see steady attrition even as they also recruit at scale.

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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