Advisor movement accelerated in May 2026. Across the month, AdvizorPro tracked more than 2,100 advisor transitions, making it one of the higher-volume months of the year so far and reinforcing what has become a defining pattern in wealth management: advisors are moving continuously, and the firms gaining or losing talent in any given month are telling a story worth paying close attention to.

 Whether you are recruiting, selling into the RIA and broker-dealer market, or tracking competitive dynamics, May offered a clear window into where momentum is building and where it is not.

This report breaks down the top firms by advisor inflows, outflows, and net movement for May 2026, powered by AdvizorPro real-time tracking data. If you missed last month's report, you can catch up on the Advisor Moves April 2026 data to see how trends have shifted.

Who Is Gaining Advisors and Who Is Losing Them

Every month, the advisor movement data tells two stories at once. One group of firms is winning talent, whether through active recruiting, strong brand positioning, or the kind of platform flexibility that advisors are increasingly seeking. Another group is watching their headcount shrink, often because of structural factors, advisor dissatisfaction, or the ongoing pull of independence.

What made May notable was the volume. With more than 2,100 tracked transitions, the month came in well above recent averages, pointing to a market that remains highly active heading into the summer. 

Large wirehouses and broker-dealers continued to be the primary sources of departing advisors, while a mix of independent platforms and newer entrants absorbed much of that talent. Several firms appeared on both the inflow and outflow lists, reflecting the high-velocity churn that increasingly characterizes the largest organizations in the industry.

Top Firms by Advisor Inflows May 2026

LPL Financial led all firms in raw advisor inflows in May 2026 with 117 advisors joining the platform, extending its position as the most active destination for advisors in transition by a significant margin. J.P. Morgan Securities came in second with 94 inflows, followed by Merrill Lynch, Pierce, Fenner and Smith with 54. Charles Schwab and Co. and Wells Fargo Advisors rounded out the next tier with 45 and 44 inflows respectively.

Morgan Stanley came in at 39, followed by Schwab Wealth Advisory at 35 and Cetera Investment Advisers at 34. Osaic Wealth and Carillon Fund Distributors each recorded 30 and 29 inflows respectively to round out the top ten. The two Raymond James entities, Raymond James Financial Services and Raymond James Financial Services Advisors, combined for 48 inflows, which would place the firm at the top of the list if counted together.

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Top Firms by Advisor Outflows May 2026

J.P. Morgan Securities recorded the highest outflow count in May with 107 advisors departing, its second consecutive month leading this list. Merrill Lynch, Pierce, Fenner and Smith followed with 85 outflows, then Fidelity Brokerage Services at 69. LPL Financial and Morgan Stanley each recorded 64 and 60 outflows respectively, both placing in the top five despite also appearing high on the inflows list.

Charles Schwab and Co. recorded 53 outflows, Osaic Wealth posted 52, and Commonwealth Financial Network saw 51 advisors depart. Wells Fargo Advisors and Equitable Advisors rounded out the top ten with 48 and 45 outflows respectively.

Net Inflow Leaders May 2026

When inflows and outflows are netted against each other, LPL Financial stood out by a wide margin with a net gain of 53 advisors, the result of 117 inflows against 64 outflows. Carillon Fund Distributors came in second with a net of plus 29, recording zero outflows for the month. Schwab Wealth Advisory followed at plus 28.

Raymond James Financial Services posted a net gain of 20, while Raymond James Financial Services Advisors added 19 on a net basis. Cetera Investment Advisers and Fisher Investments each came in at plus 15. Wealth Enhancement Advisory Services recorded a net of plus 14, Wealth Enhancement Brokerage Services added 12, and MML Investors Services rounded out the top ten at plus 11.

The appearance of Schwab Wealth Advisory and the Wealth Enhancement entities on this list points to a broadening of the net inflow story beyond the usual independent platform names. For wealthtech firms looking to identify organizations with growing headcount and a potential appetite for new tools, this list is worth paying attention to. 

Our post on filters wealthtechs use to find RIAs ready for new technology walks through how to turn that kind of signal into a targeted list.

Net Outflow Leaders May 2026

Fidelity Brokerage Services posted the largest net outflow of any firm in May, losing a net 53 advisors after recording just 16 inflows against 69 outflows. Commonwealth Financial Network followed with a net loss of 45, then Equitable Advisors at minus 39 and Strategic Advisers at minus 36. Merrill Lynch recorded a net outflow of 31 despite ranking third in raw inflows, a reflection of the significant two-way churn running through the firm.

Osaic Wealth, Morgan Stanley, Edward Jones, and NYLife Securities rounded out the top ten net outflow firms for the month.

What May Advisor Moves Reveal

The May data reinforces several patterns that have defined the first half of 2026. Large wirehouses and captive broker-dealer networks continue to be the primary sources of advisor departures, while independent platforms and firms offering more flexible business models absorb much of that movement. At more than 2,100 tracked transitions, the volume in May suggests this trend is not seasonal, it is structural.

The dual appearance of J.P. Morgan Securities and Morgan Stanley on both the top inflow and top outflow lists is worth watching closely. High gross movement in both directions at the same firm often signals internal reorganization, competitive recruiting activity, or advisor dissatisfaction at the team level. For firms targeting these organizations for recruiting or sales, that kind of churn can represent significant opportunity if acted on at the right moment. Understanding how to identify and act on those signals is covered in detail in our RIA recruiting playbook.

The net inflow list is also telling a story about where distribution-oriented and growth-focused firms are gaining ground. Schwab Wealth Advisory is not a traditional independent platforms. The top-three net inflow finishes reflect active advisor alignment strategies that are producing measurable results. The broader pattern of advisors seeking out firms with stronger infrastructure and platform depth, covered in more depth in our post on where RIAs are actually growing, continues to play out at scale.

Advisor movement is not slowing down. The firms that treat this data as background noise will continue to react after the fact. The ones that track it in real time will be better positioned to recruit, sell, and partner with the right organizations at the right time. If you want to see how AdvizorPro can help your team stay ahead of advisor movement as it happens.

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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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