Advisor Moves Have Put $3.4 Trillion in Assets in Play
As 8.6% of financial advisors switch firms in 2026, clients may see changes in the technology and tools managing their money.
Updated on Oct. 5, 2026 in Financial Planning
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Approximately 8.6% of financial advisors across the United States are set to change firms in 2026, affecting $3.4 trillion in total client assets. This transition marks a significant period of realignment within the brokerage and investment management industry.
Why it matters
Advisors are moving to prioritize greater professional flexibility, updated technology, and personalized service models for their clients. This trend reflects a broader shift toward independent channels, with 71% of advisors expressing a preference for independence when changing affiliations.
An estimated 8.6% of advisors are changing firms in 2026, putting $3.4 trillion in client assets in motion. At year-end 2025, advisors at the five largest broker-dealers managed an average of $187 million in assets each.
The players
Cerulli Associates
A Boston-based research firm that provides data and analytics on the financial services and asset management industry.
The details
Firms are competing for talent by offering open-architecture platforms and customizable tools that advisors use to manage portfolios. When an advisor moves, they often transition client assets to a new broker-dealer platform that may feature different account management software or branding. Retail-focused registered investment advisors (RIAs) have already seen significant growth, adding 9,525 representatives between 2021 and 2025 as advisors chase better economics and service capabilities.
Timeline
2021-2025: Retail-focused RIAs added 9,525 representatives.
Year-end 2025: Top 5 broker-dealers averaged $187 million in assets per advisor.
2026: 8.6% of U.S. financial advisors are projected to change firms.
Money Landscape
This wave of advisor movement continues a multi-year shift toward independent investment channels. It mirrors the industry's focus on technology-driven service models as a means of retaining top talent and client assets.
If your advisor changes firms, you may need to sign new account documentation or navigate a transition to a different digital portal. Discuss how these institutional changes impact your specific service level and reporting features with your advisor or a qualified professional.
The takeaway
The movement of advisors between firms is an industry-wide transition driven by a desire for better tech and autonomy. Check your next account statement for notices regarding firm affiliation changes and clarify any potential service disruptions with your advisor during the transition.
Further reading
For a deeper look at managing your wealth strategy, visit our Financial Planning section.
Source note: This article includes information reported by InvestmentNews.
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