DFX Advisor Movement Monitor · monthly edition
Financial advisor moves in July 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 2 November 2026, 18:17 UTC. Figures are revised once a day, after 16:00 UTC, as late filings arrive.
2,175 financial advisors changed firms in July 2025, counted from SEC Form ADV and IAPD registration records. Independent RIAs gained a net 163 from wirehouses and broker-dealer affiliated firms: 57 arrived from wirehouses and 17 went the other way; 253 arrived from broker-dealer affiliated firms and 130 went back.
2,175
advisors changed firms in July 2025
163
net advisors gained by independent RIAs from wirehouses and broker-dealer affiliated firms in July 2025
5,799
advisors changed firms in 2026 Q3
24,416
advisors changed firms, 2025 Q4 to 2026 Q3
How much July 2025 may still rise
July 2025 reads 2,175, in line with the February 2025 to May 2025 monthly average of 1,980. Late registrations can still add a few moves; the next edition prints the revised count.
Channel to channel, July 2025
Rows are the kind of firm an advisor left, columns the kind they joined. Darker cells hold more moves.
- Wirehouse165
- Broker-dealer affiliated202
- Independent RIA57
- Newly formed firm4
- State-registered RIA1
- Wirehouse119
- Broker-dealer affiliated544
- Independent RIA253
- Newly formed firm47
- State-registered RIA31
- Wirehouse17
- Broker-dealer affiliated130
- Independent RIA258
- Newly formed firm32
- State-registered RIA20
- Wirehouse and Independent RIA: 57 moved to Independent RIA firms, 17 moved the other way, a net 40 toward Independent RIA firms.
- Broker-dealer affiliated and Independent RIA: 253 moved to Independent RIA firms, 130 moved the other way, a net 123 toward Independent RIA firms.
- Wirehouse and Broker-dealer affiliated: 202 moved to Broker-dealer affiliated firms, 119 moved the other way, a net 83 toward Broker-dealer affiliated firms.
The last six months
| Month | Advisors who changed firms |
|---|---|
| February 2025 | 1,693 |
| March 2025 | 2,004 |
| April 2025 | 2,208 |
| May 2025 | 2,016 |
| June 2025 | 2,034 |
| July 2025 | 2,175 |
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
- 483 joined, 308 left, SCAsk DFX about this firm
- 320 joined, 155 left, NYAsk DFX about this firm
- 109 joined, 17 left, COAsk DFX about this firm
- 98 joined, 15 left, NYAsk DFX about this firm
- 173 joined, 91 left, FLAsk DFX about this firm
Largest net losses
- 15 joined, 163 left, MAAsk DFX about this firm
- 230 joined, 296 left, NYAsk DFX about this firm
- Edward Jones-6384 joined, 147 left, MOAsk DFX about this firm
- 40 joined, 94 left, NYAsk DFX about this firm
- 166 joined, 212 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.
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+5 additional losing firms in the top 10
Every name, record and relationship behind this count, with the source on each.
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The names behind these moves
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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, July 2025 edition (dfxintel.com/trackers/ria-movement/monitor/2025-07), 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).