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DFX Advisor Movement Monitor · monthly edition

Financial advisor moves in February 2025

For RIA recruiters, wealth-firm M&A teams and advisor-industry analysts who need to see which firms are gaining and losing advisors each month.

Data read 4 November 2026, 10:47 UTC. Figures are revised once a day, after 16:00 UTC, as late filings arrive.

1,693 financial advisors changed firms in February 2025, counted from SEC Form ADV and IAPD registration records. Independent RIAs gained a net 37 from wirehouses and broker-dealer affiliated firms: 49 arrived from wirehouses and 15 went the other way; 130 arrived from broker-dealer affiliated firms and 127 went back.

1,693

advisors changed firms in February 2025

37

net advisors gained by independent RIAs from wirehouses and broker-dealer affiliated firms in February 2025

5,799

advisors changed firms in 2026 Q3

24,416

advisors changed firms, 2025 Q4 to 2026 Q3

How much February 2025 may still rise

February 2025 reads 1,693, 13% below the September 2024 to December 2024 monthly average of 1,947. Moves are dated by the day the advisor left, and the new firm's registration can be filed weeks later, so part of that gap may close as late filings arrive; seasonal swings account for some of it too. The next edition prints this month's revised count.

Channel to channel, February 2025

Rows are the kind of firm an advisor left, columns the kind they joined. Darker cells hold more moves.

From Wirehouse
  • Wirehouse74
  • Broker-dealer affiliated138
  • Independent RIA49
  • Newly formed firm2
  • State-registered RIA1
From Broker-dealer affiliated
  • Wirehouse98
  • Broker-dealer affiliated442
  • Independent RIA130
  • Newly formed firm15
  • State-registered RIA24
From Independent RIA
  • Wirehouse15
  • Broker-dealer affiliated127
  • Independent RIA248
  • Newly formed firm20
  • State-registered RIA29
Source: DFX Intelligence, DFX Advisor Movement Monitor, from SEC Form ADV and IAPD registrations. 281 further moves involve firms outside these channels and are counted in the total only.
  • Wirehouse and Independent RIA: 49 moved to Independent RIA firms, 15 moved the other way, a net 34 toward Independent RIA firms.
  • Broker-dealer affiliated and Independent RIA: 130 moved to Independent RIA firms, 127 moved the other way, a net 3 toward Independent RIA firms.
  • Wirehouse and Broker-dealer affiliated: 138 moved to Broker-dealer affiliated firms, 98 moved the other way, a net 40 toward Broker-dealer affiliated firms.

The last six months

MonthAdvisors who changed firms
September 20241,799
October 20242,272
November 20241,797
December 20241,920
January 20252,030
February 20251,693

Who gained and lost advisors, last 90 days

Net advisors joined minus advisors who left each firm, from the same SEC registrations. Bulk transfers and same-firm re-registrations are left out. The newest moves, dated, are on the DFX RIA Movement Tracker.

See who in your network knows the firms gaining advisors: upload your contacts

Largest net gains

  1. J.P. Morgan Securities LLC+161
    310 joined, 149 left, NYAsk DFX about this firm
  2. LPL Financial LLC+157
    461 joined, 304 left, SCAsk DFX about this firm
  3. Empower Advisory Group, LLC+88
    105 joined, 17 left, COAsk DFX about this firm
  4. Raymond James Financial Services Advisors, Inc+82
    166 joined, 84 left, FLAsk DFX about this firm
  5. Advice And Planning Services+81
    96 joined, 15 left, NYAsk DFX about this firm

Largest net losses

  1. Commonwealth Financial Network-138
    14 joined, 152 left, MAAsk DFX about this firm
  2. Edward Jones-64
    81 joined, 145 left, MOAsk DFX about this firm
  3. Merrill Lynch, Pierce, Fenner & Smith Incorporated-57
    225 joined, 282 left, NYAsk DFX about this firm
  4. Equitable Advisors, LLC-51
    39 joined, 90 left, NYAsk DFX about this firm
  5. Ameriprise Financial Services, LLC-43
    165 joined, 208 left, MNAsk DFX about this firm

+5 additional gaining firms in the top 10

Every name, record and relationship behind this count, with the source on each.

+5 additional losing firms in the top 10

Every name, record and relationship behind this count, with the source on each.

On DFX Platform you see every firm and advisor behind these moves by name, and follow the firms you recruit from or compete with. 7 days free, then $199 a month.

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Method

A move is an advisor's registration ending at one firm (CRD) and starting at another, from SEC Form ADV and IAPD registration records; same-firm re-registrations and bulk corporate transfers are excluded; complete quarters only; history before 15 September 2026 counts only people still registered, so earlier quarters are lower bounds. Not observed: why anyone moved or the client assets that moved with them.

This edition counts one complete month, by the day each advisor left. The series begins with the fourth quarter of 2024. Counted hourly from the published RIA views; the tracker's method page has the channel definitions: DFX RIA Movement Tracker.

Cite and reuse

Recommended citation:

DFX Advisor Movement Monitor, February 2025 edition (dfxintel.com/trackers/ria-movement/monitor/2025-02), CC BY 4.0.

Quarterly counts by move type: data.csv (free to reuse with attribution, CC BY 4.0).

Every month since October 2024, by the channel advisors left and joined: monthly.csv (README, CC BY 4.0).

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