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DFX Advisor Movement Monitor · monthly edition

Financial advisor moves in October 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.

We can't confirm the date of these figures right now, because the details of our latest run could not be confirmed. Recent registration changes may not be counted yet.

2,200 financial advisors changed firms in October 2025, counted from SEC Form ADV and IAPD registration records. Independent RIAs gained a net 66 from wirehouses and broker-dealer affiliated firms: 61 arrived from wirehouses and 15 went the other way; 179 arrived from broker-dealer affiliated firms and 159 went back.

2,200

advisors changed firms in October 2025

66

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

5,872

advisors changed firms in 2026 Q3

24,536

advisors changed firms, 2025 Q4 to 2026 Q3

How much October 2025 may still rise

October 2025 reads 2,200, in line with the May 2025 to August 2025 monthly average of 2,078. Late registrations can still add a few moves; the next edition prints the revised count.

Channel to channel, October 2025

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

From Wirehouse
  • Wirehouse137
  • Broker-dealer affiliated196
  • Independent RIA61
  • Newly formed firm3
  • State-registered RIA1
From Broker-dealer affiliated
  • Wirehouse113
  • Broker-dealer affiliated567
  • Independent RIA179
  • Newly formed firm59
  • State-registered RIA27
From Independent RIA
  • Wirehouse15
  • Broker-dealer affiliated159
  • Independent RIA292
  • Newly formed firm16
  • State-registered RIA25
Source: DFX Intelligence, DFX Advisor Movement Monitor, from SEC Form ADV and IAPD registrations. 350 further moves involve firms outside these channels and are counted in the total only.
  • Wirehouse and Independent RIA: 61 moved to Independent RIA firms, 15 moved the other way, a net 46 toward Independent RIA firms.
  • Broker-dealer affiliated and Independent RIA: 179 moved to Independent RIA firms, 159 moved the other way, a net 20 toward Independent RIA firms.
  • Wirehouse and Broker-dealer affiliated: 196 moved to Broker-dealer affiliated firms, 113 moved the other way, a net 83 toward Broker-dealer affiliated firms.

The last six months

MonthAdvisors who changed firms
May 20252,019
June 20252,036
July 20252,180
August 20252,077
September 20252,375
October 20252,200

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+183
    488 joined, 305 left, SCAsk DFX about this firm
  2. J.P. Morgan Securities LLC+152
    306 joined, 154 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+87
    103 joined, 16 left, COAsk DFX about this firm
  5. Schwab Wealth Advisory, Inc.+80
    91 joined, 11 left, CAAsk DFX about this firm

Largest net losses

  1. Commonwealth Financial Network-142
    14 joined, 156 left, MAAsk DFX about this firm
  2. Merrill Lynch, Pierce, Fenner & Smith Incorporated-75
    230 joined, 305 left, NYAsk DFX about this firm
  3. Edward Jones-55
    88 joined, 143 left, MOAsk DFX about this firm
  4. Equitable Advisors, LLC-52
    37 joined, 89 left, NYAsk DFX about this firm
  5. Ameriprise Financial Services, LLC-41
    169 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, October 2025 edition (dfxintel.com/trackers/ria-movement/monitor/2025-10), 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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