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DFX Advisor Movement Monitor · monthly edition

Financial advisor moves in March 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 3 November 2026, 13:14 UTC. Figures are revised once a day, after 16:00 UTC, as late filings arrive.

2,004 financial advisors changed firms in March 2025, counted from SEC Form ADV and IAPD registration records. Independent RIAs gained a net 102 from wirehouses and broker-dealer affiliated firms: 77 arrived from wirehouses and 16 went the other way; 175 arrived from broker-dealer affiliated firms and 134 went back.

2,004

advisors changed firms in March 2025

102

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

5,799

advisors changed firms in 2026 Q3

24,416

advisors changed firms, 2025 Q4 to 2026 Q3

How much March 2025 may still rise

March 2025 reads 2,004, in line with the October 2024 to January 2025 monthly average of 2,005. Late registrations can still add a few moves; the next edition prints the revised count.

Channel to channel, March 2025

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

From Wirehouse
  • Wirehouse120
  • Broker-dealer affiliated177
  • Independent RIA77
  • Newly formed firm7
  • State-registered RIA3
From Broker-dealer affiliated
  • Wirehouse108
  • Broker-dealer affiliated425
  • Independent RIA175
  • Newly formed firm39
  • State-registered RIA16
From Independent RIA
  • Wirehouse16
  • Broker-dealer affiliated134
  • Independent RIA332
  • Newly formed firm23
  • State-registered RIA42
Source: DFX Intelligence, DFX Advisor Movement Monitor, from SEC Form ADV and IAPD registrations. 310 further moves involve firms outside these channels and are counted in the total only.
  • Wirehouse and Independent RIA: 77 moved to Independent RIA firms, 16 moved the other way, a net 61 toward Independent RIA firms.
  • Broker-dealer affiliated and Independent RIA: 175 moved to Independent RIA firms, 134 moved the other way, a net 41 toward Independent RIA firms.
  • Wirehouse and Broker-dealer affiliated: 177 moved to Broker-dealer affiliated firms, 108 moved the other way, a net 69 toward Broker-dealer affiliated firms.

The last six months

MonthAdvisors who changed firms
October 20242,272
November 20241,797
December 20241,920
January 20252,030
February 20251,693
March 20252,004

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. LPL Financial LLC+174
    479 joined, 305 left, SCAsk DFX about this firm
  2. J.P. Morgan Securities LLC+162
    315 joined, 153 left, NYAsk DFX about this firm
  3. Empower Advisory Group, LLC+91
    108 joined, 17 left, COAsk DFX about this firm
  4. Advice And Planning Services+81
    96 joined, 15 left, NYAsk DFX about this firm
  5. Schwab Wealth Advisory, Inc.+79
    90 joined, 11 left, CAAsk DFX about this firm

Largest net losses

  1. Commonwealth Financial Network-139
    14 joined, 153 left, MAAsk DFX about this firm
  2. Edward Jones-65
    82 joined, 147 left, MOAsk DFX about this firm
  3. Merrill Lynch, Pierce, Fenner & Smith Incorporated-60
    228 joined, 288 left, NYAsk DFX about this firm
  4. Equitable Advisors, LLC-51
    40 joined, 91 left, NYAsk DFX about this firm
  5. Ameriprise Financial Services, LLC-45
    165 joined, 210 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, March 2025 edition (dfxintel.com/trackers/ria-movement/monitor/2025-03), 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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