Elevate Your Practice

  • Keep your search for a new firm confidential with our discreet process.

  • Explore your options without committing to formal introductions.

  • Maintain complete control every step of the way.

Industry Data

Advisor transitions increased by 7.5% in 2023.
9,674 experienced advisors (806 per month) changed firms.

Highlights by channel:
Morgan Stanley added 445 advisors
Raymond James & Associates added 159 advisors
LPL Financial led with 1,526 advisor additions

Firm Trends

The most active transitions have occurred between the following firms:

  • Merrill Lynch teams moving to UBS and Morgan Stanley

  • Wells Fargo advisors transitioning to LPL and independent channels

  • Edward Jones FAs moving to LPL, Raymond James, and RIA platforms.

  • First Republic advisors relocating to UBS and NewEdge following the bank's collapse

Transition Package Trends

Deal Components

  • Upfront bonuses: 15-20% increase from 2022

  • Advisors who signed 10-year deals saw signing bonuses averaging 150-250% of their trailing 12

  • 92% of transitioning advisors retained over 85% of their client assets

  • Reduced revenue splits & increased payouts to advisors

  • Equity participation opportunities becoming more common

  • Long-term capital gains treatment on certain deals

Future Trends

2025 Projections

  • Deal values expected to increase 10-20% due to competition

  • Private equity firms likely to play larger role in wirehouse recruitment

  • Increased emphasis on succession planning in transition packages

  • Growing importance of technology integration in firm selection

Considering a Move?

Let's have a candid, no-pressure conversation about your possible options.

Being an independent recruiter, with 20-years of experience in the industry, we can be an UNBIASED resource for you.

Employee model, Independent/1099, RIA, it’s entirely up to you. We have no preference. We just want you to find what suits your needs long-term.

We look forward to speaking with you.

All the best,
Bruce

Contact Us

(978) 887-2375
bruce@newpathadv.com

“94% of advisors are happy with their decision to move, with 85% noting an increased control over their future. Even more impressive, 80% of movers reported asset under management (AUM) growth since switching, with a median increase of 42%”
— ThinkAdvisor 3/23