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DFX Advisor Movement Monitor · monthly edition

Financial advisor moves in September 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 30 October 2026. September 2026 counts revise as late filings arrive. First published 28 October 2026: 1,879 advisors. Now 1,893, after 14 late filings. The October 2026 edition publishes 12 November 2026.

1,893 financial advisors changed firms in September 2026, counted from SEC Form ADV and IAPD registration records. Independent RIAs gained a net 65 from wirehouses and broker-dealer affiliated firms: 39 arrived from wirehouses and 11 went the other way; 164 arrived from broker-dealer affiliated firms and 127 went back.

1,893

advisors changed firms in September 2026

65

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

5,782

advisors changed firms in 2026 Q3

24,376

advisors changed firms, 2025 Q4 to 2026 Q3

How much September 2026 may still rise

September 2026 reads 1,893, 11% below the April 2026 to July 2026 monthly average of 2,132. 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, September 2026

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

From Wirehouse
  • Wirehouse117
  • Broker-dealer affiliated125
  • Independent RIA39
  • Newly formed firm5
  • State-registered RIA1
From Broker-dealer affiliated
  • Wirehouse107
  • Broker-dealer affiliated457
  • Independent RIA164
  • Newly formed firm107
  • State-registered RIA22
From Independent RIA
  • Wirehouse11
  • Broker-dealer affiliated127
  • Independent RIA183
  • Newly formed firm20
  • State-registered RIA19
Source: DFX Intelligence, DFX Advisor Movement Monitor, from SEC Form ADV and IAPD registrations. 389 further moves involve firms outside these channels and are counted in the total only.
  • Wirehouse and Independent RIA: 39 moved to Independent RIA firms, 11 moved the other way, a net 28 toward Independent RIA firms.
  • Broker-dealer affiliated and Independent RIA: 164 moved to Independent RIA firms, 127 moved the other way, a net 37 toward Independent RIA firms.
  • Wirehouse and Broker-dealer affiliated: 125 moved to Broker-dealer affiliated firms, 107 moved the other way, a net 18 toward Broker-dealer affiliated firms.

The last six months

MonthAdvisors who changed firms
April 20262,159
May 20262,085
June 20262,198
July 20262,084
August 20261,805
September 20261,893

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+171
    470 joined, 299 left, SCAsk DFX about this firm
  2. J.P. Morgan Securities LLC+160
    318 joined, 158 left, NYAsk DFX about this firm
  3. Empower Advisory Group, LLC+92
    109 joined, 17 left, COAsk DFX about this firm
  4. Raymond James Financial Services Advisors, Inc+81
    170 joined, 89 left, FLAsk DFX about this firm
  5. Advice And Planning Services+80
    95 joined, 15 left, NYAsk DFX about this firm

Largest net losses

  1. Commonwealth Financial Network-148
    15 joined, 163 left, MAAsk DFX about this firm
  2. Merrill Lynch, Pierce, Fenner & Smith Incorporated-65
    228 joined, 293 left, NYAsk DFX about this firm
  3. Edward Jones-59
    82 joined, 141 left, MOAsk DFX about this firm
  4. Equitable Advisors, LLC-54
    39 joined, 93 left, NYAsk DFX about this firm
  5. Ameriprise Financial Services, LLC-45
    162 joined, 207 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.

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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, September 2026 edition (dfxintel.com/trackers/ria-movement/monitor/2026-09), 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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