Where financial advisors moved, by channel

Observed: a move is an advisor's registration at one firm (its CRD number) ending and a registration at a different firm beginning, read from the SEC IAPD registration compilation and joined to each firm's Form ADV. The new registration starts no more than about a year after the old one ends, or overlaps it. Each move is dated by the day the advisor left. Re-registrations at the same firm and bulk corporate transfers, where a whole firm's advisors move to a new registration at once, are excluded.

Classified: each firm's channel is DFX's classification of its Form ADV at the time of the move. Wirehouse is the firms DFX classes as wirehouses; broker-dealer affiliated covers national broker-dealer RIAs and wealth firms affiliated with a broker-dealer; independent RIA covers independent and mixed wealth firms; a newly formed firm is one that first filed within the year before the move.

Not observed: why anyone moved, the client assets that moved with them, or moves by advisors who have since left the industry. History before 15 September 2026 counts only people still registered, so older quarters are lower bounds.

Counted hourly from the published RIA views; the RIA registration data was last rebuilt on 10 October 2026. The DFX headline figure for advisor moves in the trailing twelve months (23,415) uses a rolling window rather than complete quarters, so it differs slightly from the totals here. The full RIA method is on the RIA methodology page, other datasets on the datasets page, and terms in the glossary.