In 2024, 9,615 financial advisors with more than three years of industry experience changed firms, according to Diamond Consultants' latest Advisor Transition Report. ThinkAdvisor reports that, despite economic challenges, advisor movement remained relatively stable compared to 2023, when 9,674 advisors switched firms.
Independent firms experienced the highest net gain among advisor channels, adding 689 advisors. Approximately 7,900 advisors joined independent firms, while 7,200 departed. LPL Financial led the sector with a net increase of 2,923 advisors, driven in part by acquisitions and its partnership with Prudential, which brought in 1,700 advisors.
Other notable gains among independent firm included:
- Wells Fargo Advisors Financial Network (FiNet): +232 advisors
- Ameriprise Financial: +166 advisors
- Commonwealth Financial Network: +114 advisors
- Cambridge: +108 advisors
- Raymond James Financial Services: +16 advisors
Meanwhile, MassMutual and Cetera experienced net losses of 80 and 50 advisors, respectively. Wirehouse firms lost a net 605 advisors in 2024, a 74 percent increase from the 348 lost in 2023. While 900 advisors joined wirehouses, nearly 1,500 departed.
- Wells Fargo Advisors: -248 advisors
- Merrill Lynch: -241 advisors
- UBS: -61 advisors
- Morgan Stanley: -55 advisors
Despite its losses, Morgan Stanley remained a leader in the wirehouse sector, attracting high-profile advisors with competitive deals.
Regional firms saw a net increase of 136 advisors, up from 41 in 2023. Raymond James and Associates added 136 advisors, while RBC Capital Markets gained 48. Meanwhile, Edward Jones lost 55 advisors. Boutique firms experienced a net loss of 220 advisors, slightly improving from 256 lost in 2023. Rockefeller Financial gained 58 advisors, while data inconsistencies may have impacted figures for J.P. Morgan Securities and Chase.
According to ThinkAdvisor , Diamond Consultants emphasized that momentum plays a key role in advisor recruiting. Firms with a strong track record of attracting talent continue to lead. However, momentum alone is not enough—firms must also provide meaningful value to advisors in an increasingly competitive marketplace.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
