September saw one of the biggest spikes in advisor transitions this year, with 4,473 representative moves, up 113.6% from August. This surge underscores how rapidly the wealth management industry is evolving, driven by M&A integrations, breakaway activity, and the continued appeal of independent platforms.

Using proprietary data from AdvizorPro, we analyzed the firms leading advisor hires, those experiencing the most departures, and one major structural shift that reshaped the independent channel.

Top Firms for Advisor Hires

LPL Financial continues to be the most active recruiter, reinforcing its position as the industry’s leading independent broker-dealer. The firm’s combination of autonomy, advanced technology, and advisor-first culture remains a major draw for both wirehouse and hybrid advisors.

Raymond James and Ameriprise also demonstrated strong recruiting momentum, while J.P. Morgan and Morgan Stanley continue to attract advisors seeking access to institutional-level resources and affluent clients.

For a broader view of advisor activity, explore our Advisor Movement Trends Report 2025, which tracks where advisors are moving and why.

Firms with the Most Advisor Departures

While LPL leads in net hires, it also recorded the highest number of departures, illustrating the natural turnover that accompanies large recruiting efforts. Wells Fargo and Merrill Lynch continue to see steady exits as advisors gravitate toward greater independence and more flexible platforms.

UBS and Commonwealth round out the list, reflecting the broader reshuffling across mid- and large-sized firms adapting to changing advisor expectations.

For additional insight into the RIA side of the market, check out our analysis of Top Independent RIAs 2025.

Avantax Advisors Transition to Cetera

A key contributor to September’s surge in advisor transitions was the migration of roughly 3,000 Avantax advisors to Cetera. This move followed Avantax’s transfer of its retail brokerage and advisory business into Cetera Wealth Services LLC, completing a major systems integration that reshaped the independent wealth landscape.

According to InvestmentNews, this migration was part of Cetera’s broader acquisition strategy, following its 2023 purchase of Avantax in a $1.2 billion all-cash deal. The consolidation significantly expanded Cetera’s advisor base and solidified its position among the largest independent wealth networks in the U.S.

To better understand how data-driven insights can help identify opportunities emerging from these structural shifts, visit our RIA & Broker-Dealer Data product page.

Why Advisor Moves Are Accelerating

Several industry trends are driving the current wave of advisor movement:

• Platform Consolidation: Mergers like Cetera–Avantax encourage advisors to re-evaluate alignment with parent firms.
• Independence and Autonomy: Many advisors are drawn to RIAs and hybrid platforms where they can customize services and control growth.
• Technology and Data Access: Advisors increasingly prioritize firms with modern CRM integration and advanced prospecting tools.
• Cultural Alignment: Firms that foster flexibility, collaboration, and advisor ownership attract top talent faster.

AdvizorPro’s real-time tracking helps firms identify these trends early, revealing which segments and regions are most active. To explore how our intelligence connects with your CRM, see our Integrations page.

Stay Ahead of Advisor Transitions with AdvizorPro

September’s record-breaking advisor movement highlights how quickly the landscape can change—and how essential real-time intelligence has become. Whether you’re tracking competitive recruiting, breakaway activity, or M&A-driven transitions, AdvizorPro provides the visibility you need to act first.

With our continuously refreshed data, you can pinpoint advisor movement across channels, uncover firm-level insights, and stay informed long before changes appear in the news.

Stay ahead of advisor trends and opportunities. Request your free trial today.

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