In recent years, large branch offices, managing billions in client assets, have increasingly separated from their broker-dealers. According to InvestmentNews, this trend has accelerated in 2023, with prominent examples including Merit Financial Advisors, a $12 billion hybrid registered investment advisor breaking from LPL Financial, and Crux Wealth Advisors, which left Raymond James Financial Services.

InvestmentNews reports that these splits highlight the growing power of branch office executives, with some overseeing branches large enough to function as broker-dealers. Private equity investors have been flooding the wealth management industry with capital, fueling this shift as branch leaders flex their financial influence. Executives, such as branch heads like Ron Carson, hold substantial sway over whether these offices remain with a broker-dealer or transition to independence.

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