Merrill Lynch, Pierce, Fenner & Smith Incorporated lost 949 advisors net in twelve months, the most of any registered adviser
Among 829 advisers with 25 or more registered advisors, the largest net losses of registered advisors between 2025-09-18 and 2026-09-18: Merrill Lynch, Pierce, Fenner & Smith Incorporated -949 (590 in, 1,539 out, 25,477 registered); Commonwealth Financial Network -563 (92 in, 655 out, 2,942 registered); Equitable Advisors, Llc -463 (98 in, 561 out, 4,624 registered); Edward Jones -408 (329 in, 737 out, 24,084 registered); Strategic Advisers Llc -403 (317 in, 720 out, 16,954 registered); Ubs Financial Services Inc. -333 (294 in, 627 out, 9,349 registered). 30,017 firm-to-firm moves in the year across 6,128 firms.