Financial Advisors Have Shifted Toward Firm Changes

Nearly nine percent of U.S. financial advisors are expected to switch firms in 2026, putting trillions in assets at play.

Updated on Oct. 5, 2026 in Financial Planning

Isometric editorial illustration of two diverging steel structural plinths, representing the transition of financial assets between firms. — Approximately 8.6% of U.S. financial advisors are expected to switch firms in 2026, putting $3.4 trillion in client assets in motion. AI Illustration. Upload story photo >

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Approximately 8.6% of financial advisors across the United States are preparing to change firms in 2026. This migration puts $3.4 trillion in client assets into play as professionals seek greater flexibility and improved economic models.

Why it matters

The movement reflects a broader shift as advisors look for independent channels and superior technology platforms. As firms compete for talent, the ability to provide customizable tools has become a critical factor for advisor retention.

Advisors overseeing $187 million on average at top firms are weighing their options, with 71% of industry professionals indicating a preference for independent channels. Meanwhile, the 25 largest broker-dealers currently control 94% of total assets.

The players

Cerulli Associates

This Boston-based research and consulting firm provides data and strategic analysis on the global asset management and wealth management industries.

The details

Advisors are increasingly prioritizing open-architecture platforms and advanced technology, which 57% of professionals cited as a key decision factor over the past three years. This trend is further fueled by a wave of upcoming retirements, as more than one-third of current broker-dealer advisors are expected to exit the industry within the next ten years.

Between 2021 and 2025, 9,525 representatives moved to retail-focused RIAs.
As of year-end 2025, the five largest firms averaged $187 million in advisor assets.
Throughout 2026, 8.6% of U.S. financial advisors are set to change firms.

Market Landscape

The mass migration of financial advisors mirrors the long-term trend toward independent Registered Investment Advisor (RIA) channels, which have increasingly captured market share from traditional broker-dealer firms. This shift underscores a fundamental reconfiguration of the wealth management industry as smaller, retail-focused entities successfully poach thousands of representatives from larger institutions.

Clients may experience transitions in how their portfolios are managed or the platforms used to access their statements if their advisor chooses to switch firms. These moves often aim to offer clients improved service models and access to a broader suite of investment tools.

The takeaway

Clients should maintain open communication with their financial advisors regarding any potential firm changes to ensure continuity of service. Understanding your advisor's business model can provide insight into the types of technology and investment options available to you.