Advisor Moves - October 2025

October 2025 saw significant movement across the RIA landscape, with clear winners and losers emerging from the month's activity. LPL Financial dominated the recruiting wars yet again, capturing a net gain of 118 advisors (more than double any other firm) as 214 reps joined while 96 departed.

On the opposite end of the spectrum, Commonwealth Financial Network experienced the steepest decline, losing a net 112 advisors with only 15 joining against 127 departures as the LPL acquisition continues to play out.

The wirehouse channel showed mixed results: while Morgan Stanley and J.P. Morgan Securities posted modest net gains, Merrill Lynch lost 86 advisors net, and UBS and Wells Fargo Clearing Services each saw net losses of 33 reps. Independent broker-dealers and RIAs continued to attract talent, with Raymond James Financial Services adding 58 advisors net and emerging players like Cerity Partners posting strong gains of 39 advisors.

The data underscores an ongoing industry shift toward independence and fee-based models, with traditional wirehouses and legacy IBDs facing mounting retention challenges.

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Top 10 Firms with Most Inflows

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Top 10 Firms with Most Outflows

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Net Inflows & Outflows

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What This Means for the Industry

October’s advisor movement data reinforces a clear narrative: independence and flexibility continue to win over legacy platforms. As firms like LPL Financial, Raymond James, and Cerity Partners expand their recruiting pipelines, traditional wirehouses are grappling with intensified retention challenges and evolving advisor expectations. This trend underscores how culture, technology, and autonomy are now as influential as compensation in shaping advisor loyalty and firm growth.

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

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