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DFX Advisor Movement Monitor · monthly edition

Financial advisor moves in November 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.

1,679 financial advisors changed firms in November 2025, counted from SEC Form ADV and IAPD registration records. Independent RIAs gained a net 111 from wirehouses and broker-dealer affiliated firms: 56 arrived from wirehouses and 16 went the other way; 191 arrived from broker-dealer affiliated firms and 120 went back.

1,679

advisors changed firms in November 2025

111

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

5,872

advisors changed firms in 2026 Q3

24,536

advisors changed firms, 2025 Q4 to 2026 Q3

How much November 2025 may still rise

November 2025 reads 1,679, 23% below the June 2025 to September 2025 monthly average of 2,167. 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, November 2025

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

From Wirehouse
  • Wirehouse124
  • Broker-dealer affiliated115
  • Independent RIA56
  • Newly formed firm3
  • State-registered RIA2
From Broker-dealer affiliated
  • Wirehouse92
  • Broker-dealer affiliated468
  • Independent RIA191
  • Newly formed firm9
  • State-registered RIA20
From Independent RIA
  • Wirehouse16
  • Broker-dealer affiliated120
  • Independent RIA209
  • Newly formed firm13
  • State-registered RIA32
Source: DFX Intelligence, DFX Advisor Movement Monitor, from SEC Form ADV and IAPD registrations. 209 further moves involve firms outside these channels and are counted in the total only.
  • Wirehouse and Independent RIA: 56 moved to Independent RIA firms, 16 moved the other way, a net 40 toward Independent RIA firms.
  • Broker-dealer affiliated and Independent RIA: 191 moved to Independent RIA firms, 120 moved the other way, a net 71 toward Independent RIA firms.
  • Wirehouse and Broker-dealer affiliated: 115 moved to Broker-dealer affiliated firms, 92 moved the other way, a net 23 toward Broker-dealer affiliated firms.

The last six months

MonthAdvisors who changed firms
June 20252,036
July 20252,180
August 20252,077
September 20252,375
October 20252,200
November 20251,679

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, November 2025 edition (dfxintel.com/trackers/ria-movement/monitor/2025-11), 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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