Although there are many exceptions, according to Investment News, wirehouses now have largely withdrawn from the recruiting wars in favor of raising their own through the ranks.

Data for the industry indicates that "recruiting activity slumped significantly in the spring of 2020 alongside COVID-19 related office closures and cancellation of in-person networking events." 2021 saw a slight increase although advisor transitions between firms remained 12.4 percent below their pre-pandemic level, based on transitions tracked by the InvestmentNews Advisers on the Move database.

Even with the recruiting slowdown more advisors went independent than before. Advisor moves to independent channels remained steady during the height of the pandemic and were up 2.6 percent in 2021 compared with 2019. In total, 2,065 advisors on net left wirehouses in 2021, while 1,225 joined independent broker-dealers and 1,530 went to RIAs.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.