Who’s Gaining Advisors - and Who’s Losing Them

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Advisor movement stayed active in November, reinforcing a pattern we’ve seen all year: advisor transitions are no longer seasonal - they’re constant.

Even outside traditional peak transition months, firms continued to attract - and lose - advisors at meaningful levels. As outlined in the Advisor Movement Trends Report 2025, what was once a cyclical event has become a year-round reshuffling of the advisor landscape.

Below is a snapshot of the firms with the largest net advisor inflows and outflows based on advisor moves tracked in November 2025.

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Top Firms by Net Advisor Inflows - November 2025

Several firms stood out this month for their ability to attract advisors, with independent platforms, hybrid models, and scaled national firms all showing continued momentum.

Top Firms by Net Inflows

• LPL Financial LLC: +139
  
  
• Cambridge Investment Research Inc: +89
  
  
• United Planners Financial Services of America: +84
  
  
• PFG Advisors: +80
  
  
• Cambridge Investment Research Advisors Inc: +66
  
  

LPL Financial once again led all firms in net advisor inflows, extending its dominant recruiting position throughout 2025. Cambridge Investment Research appeared twice across the inflow rankings when accounting for both its broker-dealer and RIA entities - a signal of broader platform momentum rather than isolated wins.

This dual presence mirrors patterns observed in prior months, including Advisor Moves October 2025.

Top Firms by Net Advisor Outflows - November 2025

While some platforms gained advisors, others saw notable net losses. November’s data reflects continued reassessment by advisors around platform economics, operational flexibility, and long-term alignment.

Top Firms by Net Outflows

• Osaic Wealth Inc: –142
  
  
• Lion Street Financial LLC: –97
  
  
• LPL Financial LLC: –82
  
  
• Dempsey Lord Smith LLC: –70
  
  
• Wells Fargo Clearing Services LLC: –66

Osaic Wealth recorded the largest net advisor outflows in November, followed by Lion Street Financial. LPL Financial appeared on both the inflow and outflow rankings - a function of its scale and consistently high advisor movement volume.

Similar dynamics surfaced earlier this year in Advisor Moves September 2025, where large platforms exhibited elevated churn alongside strong recruiting.

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What November Advisor Moves Reveal

The November data reinforces a core takeaway from 2025: advisor movement never truly slows.

Even in months historically viewed as quieter, transitions continue to reshape territories, coverage strategies, and targeting priorities. For distribution and marketing teams, this reality exposes a growing risk: static lists age quickly.

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Stay Ahead of Advisor Movement

Advisor transitions reshape territories, segmentation strategies, and outreach priorities in real time. Teams relying on periodic updates or one-off lists risk falling behind as these changes unfold.

If you want to track advisor moves, firm affiliations, and industry shifts as they happen, start your free trial.