DFX Intelligence
Where advisors moved, by channel, 2025 Q4 to 2026 Q3
Moved to
Wirehouse
Broker-dealer
affiliated
Independent
RIA
Newly formed
firm
State-registered
RIA
Wirehouse
Wirehouse to Wirehouse: 1,604 moves
1,604
Wirehouse to Broker-dealer affiliated: 1,941 moves
1,941
Wirehouse to Independent RIA: 624 moves
624
Wirehouse to Newly formed firm: 56 moves
56
Wirehouse to State-registered RIA: 29 moves
29
Broker-dealer affiliated
Broker-dealer affiliated to Wirehouse: 1,464 moves
1,464
Broker-dealer affiliated to Broker-dealer affiliated: 6,065 moves
6,065
Broker-dealer affiliated to Independent RIA: 2,317 moves
2,317
Broker-dealer affiliated to Newly formed firm: 518 moves
518
Broker-dealer affiliated to State-registered RIA: 292 moves
292
Independent RIA
Independent RIA to Wirehouse: 193 moves
193
Independent RIA to Broker-dealer affiliated: 1,594 moves
1,594
Independent RIA to Independent RIA: 3,186 moves
3,186
Independent RIA to Newly formed firm: 314 moves
314
Independent RIA to State-registered RIA: 373 moves
373
Source: SEC Form ADV and IAPD registrations, counted by
DFX RIA Movement Tracker
. CC BY 4.0.