Firms and offices heating upHow this is measuredA departure is an advisor’s registration moving to a different firm. Moves inside the same firm group, moves that follow a firm merger and moves between one enterprise’s own registrations are removed. A move shows up once the new registration is filed, so the last month or so is undercounted.Heating up, steady and cooling compare the annualized departure rate of the last two quarters with the firm’s own prior three years. That is a reading of what has happened, not a forecast of what will.
Measured current state, not a forecast. Which major firms are losing advisors faster than their own history, and which branch offices lost the largest share of their people in the last six months.
Trend basis: measured: mean annualized departure rate of the last two quarters vs the prior three years; not a forecast; last ~30 days undercount. As of 2026-09-23.
See the advisors in offices that are emptying
Major firms, by departure rate
- CommonwealthHeating uplast four quarters
- Departures, last 12 months
- 18.7% (618)
- prior three years 6.2% a year
- Retention
- 81.3%
- 2,897 registered now
- Senior, team and office exits
- 178 with 20+ years
- 143 team exits, 62 office exits
- Where they went
- 17% to independence
- 16% to the top destination, Raymond James
- Recruiting inflows
- 75
- net -543 over 12 months
- EquitableSteadylast four quarters
- Departures, last 12 months
- 13.7% (559)
- prior three years 10.8% a year
- Retention
- 86.4%
- 4,647 registered now
- Senior, team and office exits
- 22 with 20+ years
- 41 team exits, 3 office exits
- Where they went
- 13% to independence
- 16% to the top destination, JPMorgan
- Recruiting inflows
- 69
- net -490 over 12 months
- UBSSteadylast four quarters
- Departures, last 12 months
- 6.7% (608)
- prior three years 5.6% a year
- Retention
- 93.3%
- 9,360 registered now
- Senior, team and office exits
- 152 with 20+ years
- 94 team exits, 7 office exits
- Where they went
- 11% to independence
- 17% to the top destination, Wells Fargo
- Recruiting inflows
- 265
- net -343 over 12 months
- MerrillSteadylast four quarters
- Departures, last 12 months
- 6.2% (1,530)
- prior three years 6.3% a year
- Retention
- 93.8%
- 25,471 registered now
- Senior, team and office exits
- 124 with 20+ years
- 173 team exits, 13 office exits
- Where they went
- 11% to independence
- 16% to the top destination, J•••••••
- Recruiting inflows
- 532
- net -998 over 12 months
- Wells FargoSteadylast four quarters
- Departures, last 12 months
- 5.5% (931)
- prior three years 5.8% a year
- Retention
- 94.5%
- 18,299 registered now
- Senior, team and office exits
- 197 with 20+ years
- 110 team exits, 19 office exits
- Where they went
- 9% to independence
- 11% to the top destination, ••••••••
- Recruiting inflows
- 1,029
- net +98 over 12 months
- JPMorganSteadylast four quarters
- Departures, last 12 months
- 5.3% (655)
- prior three years 6.8% a year
- Retention
- 94.7%
- 14,234 registered now
- Senior, team and office exits
- 45 with 20+ years
- 61 team exits, 4 office exits
- Where they went
- 12% to independence
- 17% to the top destination, W•••• F••••
- Recruiting inflows
- 1,025
- net +370 over 12 months
- AmeripriseSteadylast four quarters
- Departures, last 12 months
- 5.2% (637)
- prior three years 4.6% a year
- Retention
- 94.8%
- 13,006 registered now
- Senior, team and office exits
- 137 with 20+ years
- 71 team exits, 21 office exits
- Where they went
- 12% to independence
- 19% to the top destination, L••
- Recruiting inflows
- 502
- net -135 over 12 months
- LPLSteadylast four quarters
- Departures, last 12 months
- 4.9% (1,176)
- prior three years 4.8% a year
- Retention
- 95.1%
- 26,511 registered now
- Senior, team and office exits
- 196 with 20+ years
- 109 team exits, 22 office exits
- Where they went
- 15% to independence
- 9% to the top destination, C•••••
- Recruiting inflows
- 1,659
- net +483 over 12 months
- Raymond JamesSteadylast four quarters
- Departures, last 12 months
- 3.8% (427)
- prior three years 4.5% a year
- Retention
- 96.2%
- 12,295 registered now
- Senior, team and office exits
- 97 with 20+ years
- 67 team exits, 10 office exits
- Where they went
- 25% to independence
- 6% to the top destination, S•••••• P••••••• I••••••••• A•••••••• L••
- Recruiting inflows
- 919
- net +492 over 12 months
- Morgan StanleySteadylast four quarters
- Departures, last 12 months
- 3.5% (770)
- prior three years 4.3% a year
- Retention
- 96.5%
- 23,163 registered now
- Senior, team and office exits
- 120 with 20+ years
- 88 team exits, 4 office exits
- Where they went
- 13% to independence
- 10% to the top destination, W•••• F••••
- Recruiting inflows
- 757
- net -13 over 12 months
- Edward JonesSteadylast four quarters
- Departures, last 12 months
- 3.2% (728)
- prior three years 3.0% a year
- Retention
- 96.8%
- 24,092 registered now
- Senior, team and office exits
- 20 with 20+ years
- 64 team exits, 4 office exits
- Where they went
- 12% to independence
- 18% to the top destination, L••
- Recruiting inflows
- 290
- net -438 over 12 months
Source: SEC IAPD individual registrations (lake snapshot 2026-09-23); Form ADV firm names; Phase II book tiers for high-value departures.
Offices on the watchlist
Branch offices, identified by firm and registered branch city, whose departures in the last 180 days stand well above the firm’s own rate. Largest share gone first.
- Bellevue, WA Equitable14% left in 180 days2.5x the firm
14% of this office (12 of 86 advisors) left for other firms in the last six months vs 5.7% firm-wide. 2 left to the same destination within 60 days of each other.
Departures dated 2026-04-09 to 2026-09-18. Top destination Merrill (25%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: Luca Luigi Solimeno to Key Investment Services LLC (2026-04-09); Nicholas Lawrence Houk to Strategic Advisers LLC (2026-04-28); Jalen A Lund to Merrill (2026-04-30); C••••• L••• H•••••••• to V••• F•••••••• A•••••••• I••• (2026-06-01); J••••••• N• T•••• to M•••••• (2026-06-02); O••• G•••••• to L•• (2026-06-04); S••• M•••••• F•• to P•••••••• S••••••••• I••• (2026-06-30); G••••• J•••••• to W•••••• S••••••••• I••• (2026-07-28); B•••• K•• to J••••••• (2026-07-28); A••• J• I••••••• to M•••••• (2026-08-06); J•••• M••••• to R•••••• J•••• (2026-08-19); C••••••••• U•••••••• to A••••••••• (2026-09-18) - Scottsdale, AZ Strategic Advisers LLC14% left in 180 days6.5x the firm
14% of this office (5 of 36 advisors) left for other firms in the last six months vs 2.1% firm-wide.
Departures dated 2026-04-02 to 2026-08-03. Top destination J.M. Arbour, LLC (20%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: K•••• N••••••• to X••••••• A•••••• P••••••• L•• (2026-04-02); D••••• R• R••••• to J••• A•••••• L•• (2026-04-20); N••• A•••• to S••••• W••••• A•••••••• I••• (2026-04-30); C•••••• D• C•••• to E••••• J•••• (2026-07-06); T•••••• P•••••• to C•••••• S••••• • C••• I••• (2026-08-03) - Irving, TX Goldman Sachs14% left in 180 days7.0x the firm
14% of this office (5 of 36 advisors) left for other firms in the last six months vs 2.0% firm-wide.
Departures dated 2026-05-05 to 2026-06-02. Top destination Principal Advised Services (20%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: D•••••••• L•••••••• to E•••••• A••••••• G••••• L•• (2026-05-05); J••• M••••• P•••• to F••••• I••••••••• (2026-05-13); A•••••••• J•••••• G••• to S••••• W••••• A•••••••• I••• (2026-05-19); T•••• C••••• A•••• to R•••••• J•••• (2026-05-20); D•••• M•••••• Y•••• to P•••••••• A•••••• S••••••• (2026-06-02) - Indianapolis, IN UBS14% left in 180 days4.2x the firm
14% of this office (5 of 36 advisors) left for other firms in the last six months vs 3.3% firm-wide. 2 had 20+ years in the industry; 3 left to the same destination within 60 days of each other; 60% went to one destination.
Departures dated 2026-04-17 to 2026-08-11. Top destination M••••• S•••••• (60%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: T•••• M••••• to R•••••• J•••• (2026-04-17); J•••• L••••• to L•• (2026-07-06); K••• Z••••••• to M••••• S•••••• (2026-08-11); M••••••• W••••• to M••••• S•••••• (2026-08-11); N••••• W••••• to M••••• S•••••• (2026-08-11) - San Diego, CA Mma Securities LLC14% left in 180 days7.3x the firm
14% of this office (3 of 22 advisors) left for other firms in the last six months vs 1.9% firm-wide.
Departures dated 2026-05-22 to 2026-09-17. Top destination O••••••••• (33%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: R•• E•••••• S•••• to A••••••• F••••••••• L••• (2026-05-22); A••••• P•••• A•• to O••••••••• (2026-08-26); R••••• G•••• to I••••••••• W••••• C••••••• L•• (2026-09-17) - El Segundo, CA LPL14% left in 180 days5.8x the firm
14% of this office (3 of 22 advisors) left for other firms in the last six months vs 2.4% firm-wide. 2 had 20+ years in the industry; 2 left to the same destination within 60 days of each other; 67% went to one destination.
Departures dated 2026-04-23 to 2026-08-17. Top destination P•• A••••••• S•••••••• L•• (67%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: C•••••• M•••••••• L•••• to P•• A••••••• S•••••••• L•• (2026-04-23); M•••••• L•••• to P•• A••••••• S•••••••• L•• (2026-05-05); J•• N••• H•••••• to E•••••••• (2026-08-17) - Rosemont, IL LPL14% left in 180 days5.8x the firm
14% of this office (3 of 22 advisors) left for other firms in the last six months vs 2.4% firm-wide.
Departures dated 2026-04-21 to 2026-08-10. Top destination W•••• F•••• (33%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: S••••• H••••••• to W•••• F•••• (2026-04-21); C••••••••• P••• to J••••••• (2026-06-04); N•••••••• J• L•••••••• to E••••• J•••• (2026-08-10) - Mill Valley, CA UBS14% left in 180 days4.2x the firm
14% of this office (3 of 22 advisors) left for other firms in the last six months vs 3.3% firm-wide. 2 had 20+ years in the industry; 3 left to the same destination within 60 days of each other; 100% went to one destination.
Departures dated 2026-09-11 to 2026-09-15. Top destination R•••••• J•••• (100%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: J•••• S•••••• C••• to R•••••• J•••• (2026-09-11); J•••• M••••• S••••••••• to R•••••• J•••• (2026-09-11); S•••••••• W•• Y• W••• to R•••••• J•••• (2026-09-15) - Tampa, FL Valic Financial Advisors, Inc.13% left in 180 days3.4x the firm
13% of this office (4 of 30 advisors) left for other firms in the last six months vs 4.0% firm-wide. 2 left to the same destination within 60 days of each other; 50% went to one destination.
Departures dated 2026-05-11 to 2026-07-30. Top destination L•• (50%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: P•••••• J••• D•••• to L•• (2026-05-11); C••••• E• M•••• to L•• (2026-05-12); C•••••• P••••••• R••••••• to W•••••• A•••••••• L•• (2026-07-30); S••• B•••••• C•••••• to L•••••• I••••••••• (2026-07-30) - Camp Hill, PA Morgan Stanley13% left in 180 days7.0x the firm
13% of this office (5 of 38 advisors) left for other firms in the last six months vs 1.9% firm-wide. 5 left to the same destination within 60 days of each other; 100% went to one destination.
Departures dated 2026-05-06 to 2026-05-07. Top destination W•••• F•••• (100%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: W•••••• T• D•••• to W•••• F•••• (2026-05-06); L•••• F•••••• B••••• to W•••• F•••• (2026-05-06); K•••••• A•••••• R•••••••• to W•••• F•••• (2026-05-06); W• C•••• M••••• to W•••• F•••• (2026-05-06); A••••• E• T••••• to W•••• F•••• (2026-05-07) - Woodbridge, NJ Equitable13% left in 180 days2.3x the firm
13% of this office (9 of 69 advisors) left for other firms in the last six months vs 5.7% firm-wide. 6 left to the same destination within 60 days of each other.
Departures dated 2026-04-08 to 2026-07-29. Top destination J••••••• (44%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: J•••• L••• P•••••••• to S•• W••••• A•••••••• L•• (2026-04-08); C•••••••• P•••• to J••••••• (2026-04-08); A••• F••••• K••• to J••••••• (2026-04-10); R••••• R••••• C•••••••• to L••••• W••••• M••••••••• L•• (2026-04-10); A••••• S••••• D••• to M•••••• (2026-04-22); A••••••••• M••••••••• P•••• to M•••••• (2026-05-06); M••••• S•••••• to J••••••• (2026-05-13); M•••••• Y• to J••••••• (2026-06-08); N••••••• D• M•••• to L•• (2026-07-29) - Glendale, CO Advice And Planning Services13% left in 180 days3.8x the firm
13% of this office (3 of 23 advisors) left for other firms in the last six months vs 3.5% firm-wide. 67% went to one destination.
Departures dated 2026-03-30 to 2026-07-09. Top destination E•••••• A••••••• G••••• L•• (67%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: B••••• W••••• to V•••• F•••••••• A•••••••• I••• (2026-03-30); D•••• R••• A••••• to E•••••• A••••••• G••••• L•• (2026-05-04); E•••• H•••••• S••• to E•••••• A••••••• G••••• L•• (2026-07-09) - San Antonio, TX Cetera13% left in 180 days5.1x the firm
13% of this office (3 of 23 advisors) left for other firms in the last six months vs 2.5% firm-wide.
Departures dated 2026-07-08 to 2026-08-21. Top destination O•••• (33%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: C•••••• D••••• S•••••• to W••••••••• A••••••• P••••••• L•• (2026-07-08); C•••••• R• B••••• to O•••• (2026-07-17); J••••• O••••• to T••••••••• F•••••••• A•••••••• L•• (2026-08-21) - Atlanta, GA Equitable13% left in 180 days2.3x the firm
13% of this office (3 of 23 advisors) left for other firms in the last six months vs 5.7% firm-wide. 2 left to the same destination within 60 days of each other; 67% went to one destination.
Departures dated 2026-04-24 to 2026-06-26. Top destination J••••••• (67%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: E•••• R•••• to M••••• S•••••• (2026-04-24); R•••• T•••••• D•••••• to J••••••• (2026-06-10); D••••• P•••• to J••••••• (2026-06-26) - Southfield, MI MassMutual (MML)13% left in 180 days5.5x the firm
13% of this office (3 of 23 advisors) left for other firms in the last six months vs 2.4% firm-wide. 2 left to the same destination within 60 days of each other; 67% went to one destination.
Departures dated 2026-06-09 to 2026-07-02. Top destination L•• (67%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: B••••• S•••• M••• to L•• (2026-06-09); J•••• E• D••••• to L•• (2026-06-09); M•••••• J•••• B•••• to W•••• F•••• (2026-07-02) - Conshohocken, PA Wells Fargo13% left in 180 days5.0x the firm
13% of this office (3 of 23 advisors) left for other firms in the last six months vs 2.6% firm-wide. 1 had 20+ years in the industry; 2 left to the same destination within 60 days of each other; 67% went to one destination.
Departures dated 2026-06-12 to 2026-07-20. Top destination J••••• (67%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: G••• S••••• F•••• to F•••• F•••••••• A••••••• G•••• L•• (2026-06-12); J•••• C•••••• F••••••• to J••••• (2026-07-20); Y••• J••••• to J••••• (2026-07-20) - Seattle, WA Charles Schwab & Co., Inc.13% left in 180 days6.1x the firm
13% of this office (4 of 31 advisors) left for other firms in the last six months vs 2.1% firm-wide. 2 had 20+ years in the industry; 2 left to the same destination within 60 days of each other; 50% went to one destination.
Departures dated 2026-04-22 to 2026-09-22. Top destination J••••••• (50%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: P••• F• K•••••• to E•••••• A••••••• G••••• L•• (2026-04-22); R••••• B••• C••••• to L•• (2026-05-20); M•••••• J•••••• A••••• to J••••••• (2026-09-16); D••••• P•••••• to J••••••• (2026-09-22) - Seattle, WA Ameriprise13% left in 180 days4.8x the firm
12% of this office (3 of 24 advisors) left for other firms in the last six months vs 2.6% firm-wide. 1 had 20+ years in the industry.
Departures dated 2026-04-09 to 2026-08-03. Top destination W•••• F•••• (33%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: T•••••• H••••••• K••• to W••••••• W••••• M••••••••• L•• (2026-04-09); M••• L••• V•• M••••• to W•••• F•••• (2026-06-12); J••••• L•• C•••• to F•••••••• C•••••• M••••••••• L•• (2026-08-03) - Boca Raton, FL UBS12% left in 180 days3.8x the firm
12% of this office (11 of 89 advisors) left for other firms in the last six months vs 3.3% firm-wide. 4 had 20+ years in the industry; 10 left to the same destination within 60 days of each other; 91% went to one destination.
Departures dated 2026-05-19 to 2026-09-14. Top destination C•••••• A•••• M••••••••• L•• (91%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: F•••• J• H••••• to I•• C••••••• L•• (2026-05-19); V••••••• M••••••• to C•••••• A•••• M••••••••• L•• (2026-09-03); E••••• D• V••••••• to C•••••• A•••• M••••••••• L•• (2026-09-03); E••• L•• B•••• to C•••••• A•••• M••••••••• L•• (2026-09-03); A•••••••• M•••••• S••••• to C•••••• A•••• M••••••••• L•• (2026-09-03); C•••••••• S• S•••••• to C•••••• A•••• M••••••••• L•• (2026-09-03); M•••••• A•••• B•••• to C•••••• A•••• M••••••••• L•• (2026-09-03); M•••••• S••• M•••••••• to C•••••• A•••• M••••••••• L•• (2026-09-04); S•••• D••••••• P•••••• to C•••••• A•••• M••••••••• L•• (2026-09-04); A••••• G••••• I••• to C•••••• A•••• M••••••••• L•• (2026-09-09); A••••• R••• G••••• to C•••••• A•••• M••••••••• L•• (2026-09-14) - Westlake Village, CA Merrill12% left in 180 days4.2x the firm
12% of this office (6 of 49 advisors) left for other firms in the last six months vs 2.9% firm-wide. 5 left to the same destination within 60 days of each other; 83% went to one destination.
Departures dated 2026-05-29 to 2026-08-19. Top destination S•••••••• A•••••••• L•• (83%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: S•••••• M• M••••• to S•••••••• A•••••••• L•• (2026-05-29); B•••••• T••••••• A•••• to S•••••••• A•••••••• L•• (2026-06-15); C•••••• M••••••••• G•••••••• to S•••••••• A•••••••• L•• (2026-06-15); G•••••••• R•••••• to S•••••••• A•••••••• L•• (2026-06-17); S••••• R••••••• S••••••••• to S•••••••• A•••••••• L•• (2026-06-17); A•••••• J•••• C•••••••• to R•• (2026-08-19) - Bloomington, MN Ameriprise12% left in 180 days4.7x the firm
12% of this office (4 of 33 advisors) left for other firms in the last six months vs 2.6% firm-wide. 3 left to the same destination within 60 days of each other; 75% went to one destination.
Departures dated 2026-07-14 to 2026-09-18. Top destination F••••• A••••••• L•• (75%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: M•••••• O•••• to L•• (2026-07-14); M••• J•••• A••••••• to F••••• A••••••• L•• (2026-09-18); M••• A••••• L••• to F••••• A••••••• L•• (2026-09-18); T••• P••• D••••• to F••••• A••••••• L•• (2026-09-18) - Plano, TX Ameriprise12% left in 180 days4.7x the firm
12% of this office (4 of 33 advisors) left for other firms in the last six months vs 2.6% firm-wide. 1 had 20+ years in the industry.
Departures dated 2026-05-07 to 2026-07-07. Top destination C••••••••• W••••• M••••••••• (25%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: L••••• G• F•••••• to T••••••• T••••••••• A••••••• (2026-05-07); C•••••••• B• B••• to L•• (2026-05-27); J••• G•••• to C••••••••• W••••• M••••••••• (2026-06-03); S•••••• M•••• H••••• to K••••• (2026-07-07) - Cleveland, OH UBS12% left in 180 days3.7x the firm
12% of this office (4 of 33 advisors) left for other firms in the last six months vs 3.3% firm-wide. 2 had 20+ years in the industry; 3 left to the same destination within 60 days of each other; 100% went to one destination.
Departures dated 2026-06-25 to 2026-08-27. Top destination R•••••• J•••• (100%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: T••••• M• M••••• to R•••••• J•••• (2026-06-25); L•••••• D• F••• to R•••••• J•••• (2026-06-25); M••••••• L••• H••••• to R•••••• J•••• (2026-06-25); J••••• R•••• L••••• to R•••••• J•••• (2026-08-27) - Columbia, MD Equitable12% left in 180 days2.1x the firm
12% of this office (6 of 50 advisors) left for other firms in the last six months vs 5.7% firm-wide. 2 left to the same destination within 60 days of each other.
Departures dated 2026-04-08 to 2026-08-26. Top destination L•• (33%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: R•••• D•••• A••••••• to A••••••• I•••••••• S••••••• (2026-04-08); Z•••••• A•••• S••••• to L•• (2026-04-16); E•••• K•••• to T• R••• P•••• A••••••• S•••••••• I••• (2026-04-20); J•••• S••••• S••••••• to L•• (2026-05-08); N••• K••••••• N••••• to M••••••••• •••• (2026-07-20); J••••• C•••••• to F•••••••• C•••••• M••••••••• L•• (2026-08-26) - Los Angeles, CA Oppenheimer12% left in 180 days6.1x the firm
12% of this office (3 of 25 advisors) left for other firms in the last six months vs 2.0% firm-wide. 1 had 20+ years in the industry; 3 left to the same destination within 60 days of each other; 100% went to one destination.
Departures dated 2026-07-17. Top destination W•••• F•••• (100%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: M•••••• J• S•••••••• to W•••• F•••• (2026-07-17); S•• H••••• R••••••• to W•••• F•••• (2026-07-17); J•• T• C••• to W•••• F•••• (2026-07-17) - Glen Allen, VA Raymond James12% left in 180 days7.7x the firm
12% of this office (3 of 25 advisors) left for other firms in the last six months vs 1.6% firm-wide. 2 had 20+ years in the industry; 3 left to the same destination within 60 days of each other; 100% went to one destination.
Departures dated 2026-09-01 to 2026-09-02. Top destination W••••• E••••••••• A••••••• S•••••••• L•• (100%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: L••••••• T••• J•••••• to W••••• E••••••••• A••••••• S•••••••• L•• (2026-09-01); J•••••• B•••• D•••••••• to W••••• E••••••••• A••••••• S•••••••• L•• (2026-09-02); J•••• J• B•••• to W••••• E••••••••• A••••••• S•••••••• L•• (2026-09-02) - Minneapolis, MN JPMorgan12% left in 180 days4.5x the firm
12% of this office (4 of 34 advisors) left for other firms in the last six months vs 2.6% firm-wide. 1 had 20+ years in the industry; 50% went to one destination.
Departures dated 2026-05-08 to 2026-09-09. Top destination W•••• F•••• (50%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: J••• J•••• Q•••• to W•••• F•••• (2026-05-08); B•••• C••• to E•••••• A••••••• G••••• L•• (2026-06-15); C•••• T••••• P••••••• to A••••••••• (2026-07-19); A••••• M•••••••• to W•••• F•••• (2026-09-09) - San Antonio, TX JPMorgan12% left in 180 days4.4x the firm
12% of this office (9 of 77 advisors) left for other firms in the last six months vs 2.6% firm-wide. 1 had 20+ years in the industry; 3 left to the same destination within 60 days of each other; 2 left a prior co-move partner behind.
Departures dated 2026-04-01 to 2026-07-26. Top destination M•••••• (33%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: J•••• V••••••••• to S•••••••• A••••••• L•• (2026-04-01); B•••• H••••• C••••••••• to R••••••• W••••• M••••••••• (2026-04-03); C•••••••• J• M••••••••• to S•••••• F•••••••• L•• (2026-04-14); J••••• P• C••••• to M•••••• (2026-05-07); J•••• T••••• P••• to L•• (2026-05-08); J•••• A•••••• C••••••• to R•••••• J•••• (2026-05-11); C••••••••• A•••••••• P••••• to M•••••• (2026-05-27); J•••• S••••• A•••• to M•••••• (2026-06-18); L••• M•••• A••••••• to T••••••• A•••• M••••••••• L•• (2026-07-26) - Pasadena, CA Cetera12% left in 180 days4.6x the firm
12% of this office (5 of 43 advisors) left for other firms in the last six months vs 2.5% firm-wide. 4 left to the same destination within 60 days of each other; 80% went to one destination.
Departures dated 2026-07-29 to 2026-09-09. Top destination E••• W••• W••••• A••••••• L•• (80%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: J•• L••• H•••• to E••• W••• W••••• A••••••• L•• (2026-07-29); W•••••• R••••• L•••••• to E••• W••• W••••• A••••••• L•• (2026-07-31); C••••••• C•••• to E••• W••• W••••• A••••••• L•• (2026-08-04); W•• J••• to E••• W••• W••••• A••••••• L•• (2026-08-05); W•••• J•••• to C••• (2026-09-09) - Plano, TX Charles Schwab & Co., Inc.12% left in 180 days5.4x the firm
12% of this office (3 of 26 advisors) left for other firms in the last six months vs 2.1% firm-wide.
Departures dated 2026-03-28 to 2026-08-01. Top destination C•••• F••••• W••••• A•••••••• I••• (33%). Source: SEC IAPD individual registrations (registered branch city), lake snapshot 2026-09-23; clean departures (lineage, same-enterprise and in-group moves removed).
Who left: R••••• C•••••••• H••• to V••••••• A•••••••• I••• (2026-03-28); C•••• S•••• to C•••• F••••• W••••• A•••••••• I••• (2026-05-22); D•••• H•••••• to E•••••• A••••••• G••••• L•• (2026-08-01)
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