DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
The Movement Report
Advisor teams, breakaways and RIA absorptions, quarter ending 2026-09-15
Every figure is a count over SEC Form ADV filings and the IAPD registration tape, joined by DFX. The rule is printed at the end and every row leads to a page on this site where it can be checked against the filings. Nothing here is a forecast.
4,512
advisors changed firms
21,482 in twelve months
504
teams lifted out
1,420 advisors; 2,206 teams in twelve months
39
firms absorbed by the registrations
202 advisors; 244 in twelve months
341
new SEC advisers filed
52 owners still registered through another firm
209
wealth firms crossed $1B, $5B or $10B
on their latest annual filing; 390 grew 25% or more
Top acquirers by firms absorbed, quarter
| Acquirer | Firms | Advisors |
|---|---|---|
| Wealth Enhancement Advisory Services, LLC | 4 | 18 |
| Farther | 3 | 10 |
| Corient | 2 | 27 |
| Coastal Bridge Advisors | 2 | 15 |
| Bluespring Wealth Management, LLC | 2 | 15 |
| Matter Family Office | 1 | 14 |
| Ingalls Investment Management, LLC | 1 | 12 |
| Mercer Global Advisors Inc. | 1 | 10 |
| Capstone Wealth Management Group, Inc. | 1 | 6 |
| Osaic Wealth, Inc. | 1 | 6 |
| Cerity Partners LLC | 1 | 6 |
| Alphacore Capital LLC | 1 | 5 |
| Modern Wealth Management, LLC | 1 | 5 |
| Pinnacle Wealth Advisors | 1 | 5 |
| Sequinox Wealth Management, LLC | 1 | 4 |
An absorption is read from the people: half or more of a firm’s registered advisors moving to one acquirer inside fourteen days, or a succession filing naming the firm. Every absorption
Top acquirers, trailing twelve months
| Acquirer | Firms | Advisors |
|---|---|---|
| Wealth Enhancement Advisory Services, LLC | 12 | 59 |
| Mercer Global Advisors Inc. | 8 | 58 |
| Cerity Partners LLC | 8 | 55 |
| Beacon Pointe Advisors, LLC | 8 | 48 |
| Farther | 8 | 29 |
| Corient | 7 | 49 |
| Waverly Advisors, LLC | 7 | 43 |
| Savant Wealth Management | 6 | 47 |
| Cwm, LLC | 6 | 39 |
| LPL Financial LLC | 5 | 31 |
| Captrust | 4 | 48 |
| Lido | 4 | 34 |
| Bluespring Wealth Management, LLC | 4 | 32 |
| Apella Wealth | 4 | 26 |
| Creative Planning | 4 | 25 |
| Osaic Wealth, Inc. | 4 | 22 |
| Mai Capital Management, LLC | 4 | 19 |
| Allworth Financial, L.P. | 4 | 16 |
| Ep Wealth Advisors | 4 | 15 |
| Focus Partners Wealth, LLC | 3 | 30 |
Top team destinations, quarter
| Destination | Teams | Advisors |
|---|---|---|
| LPL Financial LLC | 56 | 183 |
| Wells Fargo Advisors | 34 | 89 |
| J.P. Morgan Securities LLC | 20 | 64 |
| Raymond James & Associates, Inc. | 17 | 48 |
| Raymond James Financial Services Advisors, Inc | 16 | 48 |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | 15 | 43 |
| Morgan Stanley | 14 | 42 |
| Cetera Investment Advisers LLC | 11 | 32 |
| Ameriprise Financial Services, LLC | 10 | 38 |
| &Partners | 9 | 32 |
| Kestra Advisory Services, LLC | 8 | 20 |
| Osaic Wealth, Inc. | 7 | 21 |
| RBC Capital Markets, LLC | 7 | 18 |
| UBS Financial Services Inc. | 7 | 17 |
| Rockefeller Capital Management | 5 | 23 |
Top team sources, quarter
| Source | Teams | Advisors |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | 36 | 111 |
| Wells Fargo Advisors | 25 | 75 |
| Morgan Stanley | 24 | 68 |
| LPL Financial LLC | 23 | 60 |
| Commonwealth Financial Network | 21 | 57 |
| Cetera Investment Advisers LLC | 19 | 68 |
| UBS Financial Services Inc. | 19 | 61 |
| Osaic Wealth, Inc. | 17 | 63 |
| Ameriprise Financial Services, LLC | 16 | 53 |
| Strategic Advisers LLC | 14 | 42 |
| Edward Jones | 12 | 27 |
| Raymond James Financial Services Advisors, Inc | 11 | 48 |
| J.P. Morgan Securities LLC | 10 | 25 |
| RBC Capital Markets, LLC | 9 | 24 |
| Cambridge Investment Research Advisors, Inc. | 8 | 27 |
The busiest flows, quarter
| From | To | Teams | Advisors |
|---|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | J.P. Morgan Securities LLC | 9 | 35 |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | Wells Fargo Advisors | 8 | 20 |
| Wells Fargo Advisors | &Partners | 7 | 26 |
| Osaic Wealth, Inc. | LPL Financial LLC | 6 | 31 |
| UBS Financial Services Inc. | Raymond James & Associates, Inc. | 6 | 14 |
| Morgan Stanley | Merrill Lynch, Pierce, Fenner & Smith Incorporated | 5 | 20 |
| Edward Jones | LPL Financial LLC | 5 | 12 |
| LPL Financial LLC | Raymond James Financial Services Advisors, Inc | 5 | 11 |
| Cetera Investment Advisers LLC | LPL Financial LLC | 4 | 18 |
| LPL Financial LLC | Ameriprise Financial Services, LLC | 4 | 15 |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | Morgan Stanley | 4 | 14 |
| LPL Financial LLC | Wells Fargo Advisors | 4 | 11 |
| Morgan Stanley | UBS Financial Services Inc. | 4 | 10 |
| Ameriprise Financial Services, LLC | LPL Financial LLC | 4 | 10 |
| Morgan Stanley | LPL Financial LLC | 4 | 9 |
| Cambridge Investment Research Advisors, Inc. | LPL Financial LLC | 3 | 15 |
| Leo Wealth, LLC | Leo Wealth Americas, LLC | 3 | 12 |
| Stratos Wealth Partners, Ltd | Twenty Four Wealth | 3 | 11 |
| Raymond James Financial Services Advisors, Inc | LPL Financial LLC | 3 | 11 |
| Commonwealth Financial Network | Cetera Investment Advisers LLC | 3 | 10 |
The largest lift-outs, quarter
| Left | From | To | State | City | Advisors | Days to complete |
|---|---|---|---|---|---|---|
| 2026-07-31 | Osaic Wealth, Inc. | LPL Financial LLC | NC | Raleigh, Nc | 15 | 0 |
| 2026-06-29 | Ameriprise Financial Services, LLC | Stackstone Wealth, LLC | IA | Dubuque, Ia | 13 | 8 |
| 2026-09-03 | UBS Financial Services Inc. | Cresset Asset Management, LLC | FL | Boca Raton, Fl | 11 | 11 |
| 2026-08-10 | Merrill Lynch, Pierce, Fenner & Smith Incorporated | Rockefeller Capital Management | OH | Columbus, Oh | 11 | 2 |
| 2026-08-05 | Cetera Investment Advisers LLC | LPL Financial LLC | IA | Waterloo, Ia | 11 | 1 |
| 2026-07-13 | Cambridge Investment Research Advisors, Inc. | LPL Financial LLC | FL | Boca Raton, Fl | 11 | 3 |
| 2026-06-26 | Mariner Advisor Network | LPL Financial LLC | CA | Sacramento, Ca | 11 | 0 |
| 2026-08-31 | Raymond James Financial Services Advisors, Inc | Ameriprise Financial Services, LLC | OK | Midwest City, Ok | 10 | 1 |
| 2026-07-31 | Morgan Stanley | Merrill Lynch, Pierce, Fenner & Smith Incorporated | MA | Middleton, Ma | 10 | 3 |
| 2026-06-26 | Raymond James & Associates, Inc. | Raymond James Financial Services Advisors, Inc | GA | Atlanta, Ga | 9 | 0 |
| 2026-06-24 | Merrill Lynch, Pierce, Fenner & Smith Incorporated | J.P. Morgan Securities LLC | TX | Frisco, Tx | 9 | 41 |
| 2026-07-07 | Cetera Investment Advisers LLC | Onedigital | VA | Manassas, Va | 8 | 0 |
| 2026-06-16 | LPL Financial LLC | Ameriprise Financial Services, LLC | IN | Evansville, In | 8 | 0 |
| 2026-09-03 | Stratos Wealth Partners, Ltd | Twenty Four Wealth | CT | Darien, Ct | 7 | 0 |
| 2026-08-20 | Commonwealth Financial Network | Osaic Wealth, Inc. | WI | Fitchburg, Wi | 7 | 0 |
Breakaways to firms formed in the last year, quarter
| Left | From | To (new firm) | First ADV filed | State | Advisors |
|---|---|---|---|---|---|
| 2026-06-29 | Ameriprise Financial Services, LLC | Stackstone Wealth, LLC | 2026-06-24 | IA | 13 |
| 2026-06-17 | Thrivent Advisor Network, LLC | Intentgen Financial Partners | 2026-05-26 | MN | 7 |
| 2026-09-03 | Stratos Wealth Partners, Ltd | Twenty Four Wealth | 2026-08-31 | CT | 7 |
| 2026-07-29 | Cetera Investment Advisers LLC | East West Wealth Advisors LLC | 2026-07-22 | CA | 5 |
| 2026-08-25 | Cambridge Investment Research Advisors, Inc. | Langan Financial Group | 2026-07-15 | PA | 4 |
| 2026-06-23 | Cetera Investment Advisers LLC | Martin & Company | 2026-06-16 | CA | 4 |
| 2026-06-17 | UBS Financial Services Inc. | Beacon Coast Partners, LLC | 2026-06-10 | CA | 4 |
| 2026-07-23 | Cetera Investment Advisers LLC | Lifewise Wealth Advisors | 2026-06-17 | IL | 4 |
| 2026-06-26 | Ameriprise Financial Services, LLC | Stackstone Wealth, LLC | 2026-06-24 | WI | 4 |
| 2026-06-16 | Thrivent Advisor Network, LLC | Awaken Wealth Partners LLC | 2026-03-03 | TX | 4 |
| 2026-06-26 | Independent Financial Partners | Pfs Signature Wealth | 2026-06-26 | FL | 3 |
| 2026-06-24 | Osaic Wealth, Inc. | Blue Horizon Equity, Inc. | 2026-05-05 | AZ | 3 |
| 2026-08-27 | Eagle Strategies LLC | Generational Financial Partners, LLC | 2026-08-20 | GA | 3 |
| 2026-06-16 | Cetera Investment Advisers LLC | Koala Financial | 2026-06-02 | CA | 3 |
| 2026-06-25 | Osaic Wealth, Inc. | Blue Horizon Equity, Inc. | 2026-05-05 | FL | 3 |
Firms absorbed, quarter
| First move | Firm | Acquirer | State | Advisors | Share of firm | Succession filed |
|---|---|---|---|---|---|---|
| 2026-06-17 | Vivaldi Capital Management LP | Corient | IL | 19 | 83% | no |
| 2026-07-08 | Iwp Wealth Management LLC | Matter Family Office | CO | 14 | 100% | no |
| 2026-08-10 | Ingalls Investment Management, LLC | Ingalls Investment Management, LLC | NY | 12 | 92% | no |
| 2026-07-08 | Ritter Daniher Financial Advisory LLC | Bluespring Wealth Management, LLC | OH | 10 | 100% | no |
| 2026-08-26 | Charter Oak Capital Management | Mercer Global Advisors Inc. | ME | 10 | 77% | no |
| 2026-07-16 | Waddell & Associates, LLC | Coastal Bridge Advisors | TN | 10 | 100% | no |
| 2026-08-20 | H.M. Payson | Corient | ME | 8 | 89% | no |
| 2026-07-01 | Wealthshield Partners, LLC | Wealth Enhancement Advisory Services, LLC | NC | 7 | 50% | no |
| 2026-09-02 | Wagner Loftin Investment Services LLC | Osaic Wealth, Inc. | CA | 6 | 100% | no |
| 2026-07-28 | Capstone Wealth Management Group, LLC | Capstone Wealth Management Group, Inc. | OR | 6 | 86% | no |
| 2026-07-17 | Cordant Wealth Partners | Cerity Partners LLC | OR | 6 | 100% | no |
| 2026-08-28 | One Charles Private Wealth | Coastal Bridge Advisors | MA | 5 | 83% | no |
| 2026-07-08 | Joule Financial, LLC | Bluespring Wealth Management, LLC | KY | 5 | 100% | no |
| 2026-07-31 | Lwm Advisory Services, LLC | Modern Wealth Management, LLC | FL | 5 | 71% | no |
| 2026-07-27 | Elk River Wealth Management LLC | Alphacore Capital LLC | CO | 5 | 71% | no |
| 2026-08-24 | Ims Capital Management | Pinnacle Wealth Advisors | OR | 5 | 71% | no |
| 2026-06-30 | Sterling Financial Group, Inc. | Sequoia Financial Group, L.L.C. | CA | 4 | 100% | no |
| 2026-07-17 | Mulholland Wealth Advisors, LLC | Sequinox Wealth Management, LLC | PA | 4 | 57% | no |
| 2026-08-26 | Innovative Family Office LLC | Innovative Private Wealth Management Inc. | NY | 4 | 50% | no |
| 2026-08-28 | Seascape Capital Management,LLC | F L Putnam Investment Management Co. | NH | 4 | 100% | no |
Wealth firms that crossed a RAUM threshold on their latest filing (largest twenty)
| Firm | State | RAUM | Prior year | Crossed |
|---|---|---|---|---|
| Pine Ridge Advisers LLC | NY | $14B | $5.1B | $10B |
| Concentric | CA | $14B | $7.7B | $10B |
| Alphacore Capital LLC | CA | $13B | $9.0B | $10B |
| Citizens Securities, Inc. | RI | $13B | $9.2B | $10B |
| Prospera Financial Services, Inc. | TX | $12B | $9.8B | $10B |
| Lnw | WA | $12B | $7.7B | $10B |
| Advisors Capital Management, LLC | NJ | $12B | $9.5B | $10B |
| Forvis Mazars Wealth Advisors, LLC | MO | $12B | $9.8B | $10B |
| Cullen Capital Management, LLC | NY | $12B | $9.1B | $10B |
| Apollon Wealth Management, LLC | SC | $12B | $7.7B | $10B |
| Plancorp, LLC | MO | $11B | $9.9B | $10B |
| Callan Family Office, LLC | PA | $10B | $6.7B | $10B |
| Sprott Asset Management Usa Inc. | CT | $10B | $4.6B | $5B |
| Oneseven | OH | $7.7B | $4.8B | $5B |
| Nwf Advisory Services Inc | CA | $6.4B | $3.8B | $5B |
| Stelac Advisory Services LLC | NY | $6.3B | $4.1B | $5B |
| Pitcairn | PA | $5.9B | $776M | $1B |
| Gc Wealth Management Ria, LLC | MA | $5.8B | $2.2B | $5B |
| Sym Financial Advisors | IN | $5.8B | $4.9B | $5B |
| Becker Capital Management, Inc. | OR | $5.7B | $5.0B | $5B |
The rule
A team is two or more registration changes from the same firm to the same firm in the same branch state, chained at fourteen days; an absorption is a team that carried half or more of the from firm’s registered headcount, or where the acquirer filed a succession naming the firm. Corporate re-registrations (25 or more people to one new CRD in a month) are excluded. Firm classes are printed rules over the filings. Counts are over registration spans of people on today’s feed, so older windows understate departures from the industry. Source: SEC Form ADV filings 2011 to date and the IAPD compilation feeds, read daily. Methodology