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DFX Advisor Movement Monitor · monthly edition

Financial advisor moves in May 2026

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, 10:04 UTC. Figures are revised once a day, after 16:00 UTC, as late filings arrive.

2,087 financial advisors changed firms in May 2026, counted from SEC Form ADV and IAPD registration records. Independent RIAs gained a net 112 from wirehouses and broker-dealer affiliated firms: 68 arrived from wirehouses and 26 went the other way; 183 arrived from broker-dealer affiliated firms and 113 went back.

2,087

advisors changed firms in May 2026

112

net advisors gained by independent RIAs from wirehouses and broker-dealer affiliated firms in May 2026

5,799

advisors changed firms in 2026 Q3

24,416

advisors changed firms, 2025 Q4 to 2026 Q3

How much May 2026 may still rise

May 2026 reads 2,087, in line with the December 2025 to March 2026 monthly average of 2,072. Late registrations can still add a few moves; the next edition prints the revised count.

Channel to channel, May 2026

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

From Wirehouse
  • Wirehouse203
  • Broker-dealer affiliated203
  • Independent RIA68
  • Newly formed firm7
  • State-registered RIA4
From Broker-dealer affiliated
  • Wirehouse138
  • Broker-dealer affiliated534
  • Independent RIA183
  • Newly formed firm45
  • State-registered RIA20
From Independent RIA
  • Wirehouse26
  • Broker-dealer affiliated113
  • Independent RIA204
  • Newly formed firm22
  • State-registered RIA26
Source: DFX Intelligence, DFX Advisor Movement Monitor, from SEC Form ADV and IAPD registrations. 291 further moves involve firms outside these channels and are counted in the total only.
  • Wirehouse and Independent RIA: 68 moved to Independent RIA firms, 26 moved the other way, a net 42 toward Independent RIA firms.
  • Broker-dealer affiliated and Independent RIA: 183 moved to Independent RIA firms, 113 moved the other way, a net 70 toward Independent RIA firms.
  • Wirehouse and Broker-dealer affiliated: 203 moved to Broker-dealer affiliated firms, 138 moved the other way, a net 65 toward Broker-dealer affiliated firms.

The last six months

MonthAdvisors who changed firms
December 20252,187
January 20262,043
February 20261,765
March 20262,292
April 20262,164
May 20262,087

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, May 2026 edition (dfxintel.com/trackers/ria-movement/monitor/2026-05), 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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