Recent industry headlines point to a clear theme emerging in 2026: retention is becoming as important as recruiting.

According to reporting by Financial Advisor IQ, which cited data from AdvizorPro and Muriel Consulting, 653 Commonwealth advisors left following LPL’s acquisition, representing approximately 22.5 percent of Commonwealth’s advisor headcount from announcement through year end 2025. You can read the full article here: 22% of Commonwealth FAs Have Bolted Since LPL’s Acquisition: Report

Separately, InvestmentNews covered the advisor retention figures following the LPL Commonwealth deal, noting that retention stood around 77 percent and detailing where departing advisors landed. The full coverage can be found here: Commonwealth Loses 653 Advisors After LPL Deal, Retention Stands Around 77%

At the same time, The Daily Upside highlighted a seemingly counterintuitive trend: wirehouses are losing fewer advisors than in prior cycles. Why Wirehouses Are Losing Fewer Advisors

Meanwhile, WealthManagement covered how employee owned firms gathered to plan long term competitive positioning. At a Mountain Resort, Employee Owned Firms Met to Plot Long Game

Individually, each story focuses on a specific firm or channel. Collectively, they point to something larger.

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Asset Retention Versus Advisor Retention: Why The Distinction Matters

Post acquisition retention metrics are no longer simple percentages.

LPL’s earnings commentary emphasized asset retention approaching 80 percent. Yet more than one in five advisors exited on a headcount basis.

Those two numbers can coexist, but they reflect different realities:

• Assets may consolidate among fewer advisors

• Headcount loss may not immediately translate into asset loss

• Recruiting credibility may hinge more on advisor stability than asset totals

As shown in the US Wealth Advisor Movement Report, advisor mobility remains active across platforms. When retention is viewed through advisor level data rather than firm level optics, competitive pressure becomes more visible.

Retention is no longer just operational. It is strategic.

Wirehouse Stability Signals Changing Migration Dynamics

For years, the dominant narrative centered around wirehouse breakaways fueling independent growth.

However, recent reporting suggests wirehouse attrition is moderating. If that trend continues while independent broker dealers and RIAs compete aggressively for lateral talent, the recruiting equation changes.

Growth must increasingly come from competitor platforms rather than structural channel shifts.

Our analysis in Advisor Channel Migration: Who Stayed and Who Switched highlights that migration paths are asymmetric. Some channels remain structurally sticky. Others serve as transitional pipelines.

Public headlines are now beginning to reflect that structural asymmetry.

Ownership Structure Is Becoming A Competitive Lever

The WealthManagement coverage of employee owned firms planning for the long game underscores another theme: ownership alignment is increasingly central to retention strategy.

Employee ownership, equity participation, and internal succession frameworks are being used to:

• Anchor advisors internally

• Mitigate post acquisition attrition

• Preserve culture amid consolidation

• Defend firm valuation

As discussed in our broader analysis of 69,000+ Advisors Changed Firms Across the Market, fragmentation remains a defining feature of advisor movement. But fragmentation within a competitive retention environment has different implications than fragmentation during a pure expansion cycle.

The Competitive Landscape Heading Into 2026

The recent headlines tell a consistent story:

• Post acquisition headcount retention deserves closer scrutiny

• Asset retention does not fully capture talent stability

• Wirehouse attrition may be stabilizing

• Independent platforms remain highly competitive

• Ownership alignment is emerging as a retention differentiator

The advisor ecosystem is not simply expanding or contracting. It is competing more intensely for a finite pool of experienced advisors.

Understanding which platforms are retaining, which are leaking, and where competitive pressure is building requires normalized advisor level tracking, not just firm level announcements.

AdvizorPro continuously monitors advisor platform switching, recruiting activity, and ownership dynamics across the wealth management industry.

To explore deeper insights into retention patterns and platform competition, start your free trial.

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