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DFX Advisor Movement Monitor · monthly edition

Financial advisor moves in June 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 as of 5 November 2026. The SEC's IAPD file has been incomplete since 3 November 2026: 22,370 people are missing from the latest file, and we carry them forward unchanged from the 2 November file, so any moves they have made since then are not yet counted.

2,036 financial advisors changed firms in June 2025, counted from SEC Form ADV and IAPD registration records. Independent RIAs gained a net 77 from wirehouses and broker-dealer affiliated firms: 55 arrived from wirehouses and 17 went the other way; 166 arrived from broker-dealer affiliated firms and 127 went back.

2,036

advisors changed firms in June 2025

77

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

5,851

advisors changed firms in 2026 Q3

24,508

advisors changed firms, 2025 Q4 to 2026 Q3

How much June 2025 may still rise

June 2025 reads 2,036, in line with the January 2025 to April 2025 monthly average of 1,986. Late registrations can still add a few moves; the next edition prints the revised count.

Channel to channel, June 2025

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

From Wirehouse
  • Wirehouse136
  • Broker-dealer affiliated224
  • Independent RIA55
  • Newly formed firm0
  • State-registered RIA3
From Broker-dealer affiliated
  • Wirehouse138
  • Broker-dealer affiliated520
  • Independent RIA166
  • Newly formed firm15
  • State-registered RIA24
From Independent RIA
  • Wirehouse17
  • Broker-dealer affiliated127
  • Independent RIA280
  • Newly formed firm29
  • State-registered RIA21
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: 55 moved to Independent RIA firms, 17 moved the other way, a net 38 toward Independent RIA firms.
  • Broker-dealer affiliated and Independent RIA: 166 moved to Independent RIA firms, 127 moved the other way, a net 39 toward Independent RIA firms.
  • Wirehouse and Broker-dealer affiliated: 224 moved to Broker-dealer affiliated firms, 138 moved the other way, a net 86 toward Broker-dealer affiliated firms.

The last six months

MonthAdvisors who changed firms
January 20252,033
February 20251,695
March 20252,005
April 20252,210
May 20252,019
June 20252,036

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+179
    481 joined, 302 left, SCAsk DFX about this firm
  2. J.P. Morgan Securities LLC+153
    311 joined, 158 left, NYAsk DFX about this firm
  3. Advice And Planning Services+90
    104 joined, 14 left, NYAsk DFX about this firm
  4. Empower Advisory Group, LLC+86
    102 joined, 16 left, COAsk DFX about this firm
  5. Raymond James Financial Services Advisors, Inc+80
    169 joined, 89 left, FLAsk DFX about this firm

Largest net losses

  1. Commonwealth Financial Network-141
    14 joined, 155 left, MAAsk DFX about this firm
  2. Merrill Lynch, Pierce, Fenner & Smith Incorporated-77
    229 joined, 306 left, NYAsk DFX about this firm
  3. Edward Jones-59
    84 joined, 143 left, MOAsk DFX about this firm
  4. Equitable Advisors, LLC-50
    38 joined, 88 left, NYAsk DFX about this firm
  5. UBS Financial Services Inc.-40
    93 joined, 133 left, NJAsk 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, June 2025 edition (dfxintel.com/trackers/ria-movement/monitor/2025-06), 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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