Advisor Moves to Set $3.4T in Motion This Year
Financial advisors are expected to change firms at a brisk pace in 2026, putting an estimated $3.4 trillion in client assets in motion and raising the stakes for broker-dealers trying to recruit and retain talent, according to Cerulli Associates.
Cerulli projects that 8.6% of advisors will change affiliations this year, as preferences for greater independence, stronger economics and more flexible client-service models reshape competition across the broker-dealer marketplace. The findings are drawn from The Cerulli Report—U.S. Broker/Dealer Marketplace 2026: Navigating the Impact of Broker/Dealer Consolidation.
The projected movement reflects an industry in which advisors are increasingly weighing the benefits of established platforms against the autonomy offered by independent and hybrid registered investment adviser models. Cerulli says the independent RIA channel continues to outpace other retail wealth management channels in advisor force and assets under management growth, while consolidation is concentrating more assets within large firms.
Technology has become a central recruiting tool. Fifty-seven percent of advisors said technology influenced their decision to join a new broker-dealer during the past three years, Cerulli found. Firms with open-architecture technology, greater customization and tools that improve adviser efficiency and the client experience could hold an advantage.
“Allowing advisors more discretion in selecting the tools and resources that best support their practices can enhance their sense of control while improving their ability to meet evolving client needs,” Michael Rose, a Cerulli director and co-head of its wealth-management practice, said.
Still, advisors are not uniformly abandoning the institutional resources of employee-based broker-dealers. In the wirehouse channel, 89% of advisors cited access to lending products as a key benefit of their firm affiliation, while 84% pointed to services for high-net-worth clients. Brand recognition also remains a meaningful recruiting and growth asset because it can help advisors establish client trust and support marketing efforts.
Cerulli recommends that broker-dealers respond with a balance of flexibility and support. That includes allowing advisors more latitude in choosing technology and practice-management tools while continuing to invest in lending, marketing, compliance, planning and high-net-worth services.