Advisors switch firms at predictable rates, for measurable reasons. Here is what the numbers show.
1 in 10
advisors expected to switch firms or consolidate their practice in 2025 (Cerulli)
1 in 6
had already made a proactive move in the prior five years (Fidelity, 2023)
94%
of advisors who moved say they are happy they did (Fidelity)
Movement is steady, and it is heading toward independence
Advisor movement is common and, by most measures, rising. Cerulli expects about one in ten advisors to switch firms or consolidate their practice in 2025. Fidelity's 2023 study found roughly one in six advisors had already made a proactive move in the prior five years, with independent models the most common destination.
The advisors who move tend to be glad they did. In Fidelity's research, 94% said they were happy with the decision and 85% felt they had more control over their future. The real question is not whether moving works. It is whether an advisor moves for the right reasons and prepares well enough to capture the upside.
What pulls advisors toward independence
When advisors explain a move, the same motivations surface. Cerulli's survey of employee advisors weighing independence put three at the top.
The themes hold across the research: control, economics, and ownership. Compensation matters, but it is rarely the whole story.
What accelerates the decision
Beyond the headline reasons, the day-to-day matters. Cerulli notes that technology is now one of the primary factors advisors cite when leaving one broker-dealer for another. Outdated systems, thin marketing and business-development support, and culture clashes all wear on an advisor over time.
Geographic limits and territory restrictions block natural expansion, so advisors building local presence run into artificial boundaries. Partnership opportunities vary widely too: some firms offer clear advancement paths while others hold rigid hierarchies.
A move has a cost, and that is the point
~19%
Advisors lose about 19% of client assets on average when they change firms, on top of any planned attrition. How much you keep comes down to preparation, not luck. (Cerulli)
That average hides a wide range, and the range is the useful part. Cerulli's breakdown puts losses at roughly 22% moving between broker-dealers, about 18% moving from a broker-dealer to an independent firm, and around 11% moving from one independent firm to another. Planned attrition adds roughly another 10%, which means a typical move parts with close to 30% of assets in total.
The challenges advisors report most are predictable ones: operational issues, learning a new technology stack, and lost revenue during the transition. None of them are surprises, which means all of them can be planned for.
What a move tends to look like
Clients who follow
~80%
On average, about 80% of the clients an advisor wanted to bring made the move with them (Fidelity).
Have a transition plan
2 in 3
Over two-thirds of advisors who move now build a formal transition plan, up sharply from prior years.
The advisors who keep the most clients are the ones who treat the move like a project, not an event.
What successful transitions require
Due diligence has to go past the payout. What the platform can do, how the firm runs compliance, and where it is headed all matter more over time, and the headline numbers rarely tell the whole story.
Client transition planning runs in months, not weeks. Rushed moves damage relationships and reduce portability. Preparation shapes the outcome more than timing does.
Documentation requirements vary by firm type. Independent channels demand different preparation than wirehouse moves, and each pathway carries its own advantages and limits.
The options keep widening
The shift toward independence is structural, not a blip. Cerulli's 2025 research puts the independent broker-dealer channel at about 16% of total industry assets, the largest share of any channel, and independent and hybrid RIAs grew their combined share of industry assets from 21% in 2014 to 27% in 2024. Fidelity's research points the same way, with independent models the top destination for advisors who move.
Wirehouses still recruit aggressively, and regional firms offer a middle path between independence and big-institution scale. The result is more real choice for an advisor weighing a move than at almost any point before.
Making informed decisions
A move shapes the years that follow. The platform an advisor lands on drives how the practice grows over the next decade, and a large signing check can mask what that platform costs down the road.
Where an advisor stands in the market sets the leverage they have at the table. The strongest producers reach the best opportunities and the best terms, and the quality of a book matters more than its size. Good representation lowers the risk of a move by catching problems early and making the strongest case for the advisor.
Figures from Cerulli Associates and Fidelity's 2023 Advisor Movement Study, as reported by Cerulli, Fidelity, Financial Planning, InvestmentNews, and Wealth Solutions Report. Provided for informational purposes; individual circumstances vary. Advisor Transition Partners, LLC is not a broker-dealer, investment adviser, law firm, or CPA firm.