October 2025 saw a notable slowdown in advisor transitions, with total rep moves falling 53.4 percent from September to 2,084. Raymond James, Ameriprise, J.P. Morgan, Morgan Stanley, and Wells Fargo led the month in new hires, while Merrill Lynch, Wells Fargo, Osaic Wealth, and UBS posted the highest departures.

LPL Financial’s recent acquisition of Commonwealth Financial Network also influenced overall movement patterns this month. To ensure cleaner comparisons, we did not include LPL inflows or outflows in this month’s rankings, and Commonwealth’s transition activity was also excluded while integration continues across both firms.

The data highlights the ongoing shift toward independence and fee based models, with regional and hybrid firms maintaining steady recruiting momentum even as wirehouses navigate retention pressure.

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Top 10 Firms with Most Inflows

Top 10 Firms with Most Outflows

Net Inflows & Outflows

What This Means for the Industry

October’s advisor movement data reinforces a clear narrative: flexibility and independence continue to attract advisors away from legacy wirehouse and broker dealer platforms.

While regional and hybrid firms maintain strong recruiting pipelines, traditional institutions are facing renewed retention pressure as advisor expectations shift toward autonomy, technology enabled efficiency, and greater control over client relationships. This month’s trends also highlight how large scale consolidations, such as LPL’s acquisition of Commonwealth, can reshape movement data as advisors reassess fit during integration periods.

Explore more insights on advisor activity and industry trends in our latest posts:

• Advisor Movement Trends Report 2025
  
  
• The RIA M&A Playbook: How to Evaluate Targets Using Data
  
  
• Advisor Demographics Report 2025
  
  

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