The financial advisor landscape continues to evolve rapidly in 2025, and with that change comes movement. Advisors are reevaluating their affiliations in favor of more flexible, tech-forward, and advisor-centric platforms. Here are the top broker-dealers and platforms attracting the most advisor transitions so far this year.

1. LPL Financial
   LPL remains a powerhouse in advisor transitions. With significant wins in 2025—including $190M and $450M teams from Osaic—LPL’s blend of autonomy, scale, and strong technology continues to appeal to independent-minded advisors. Their acquisition of Commonwealth, bringing nearly 3,000 advisors and $285B AUM, only strengthens their appeal.
2. Raymond James
   A consistent favorite, Raymond James brought on nine teams totaling $3.6B in AUM by April 2025. Advisors are drawn to its balanced culture, top-tier support, and strong reputation for advisor satisfaction.
3. Cetera Financial Group
   Cetera is gaining momentum with a wide range of affiliation models and strong M&A strategy. Their recent integration of Securian Financial and targeted recruiting efforts have helped attract advisors seeking scale, support, and semi-independence.
4. Osaic (formerly Advisor Group)
   Osaic is building a cohesive brand from its multi-firm history and continues to see movement both in and out. Some large teams have departed for more independence, but others are drawn to its resources, backend support, and size.
5. Stifel Financial
   Stifel continues to recruit effectively from the wirehouses. Recent transitions include a $3B Merrill team and an $873M team from UBS. Advisors appreciate Stifel’s boutique feel with national resources and cultural alignment.
6. Rockefeller Capital Management
   Rockefeller is building serious momentum, especially among high-AUM teams. In early 2025, they added $1.5B in new assets via two Merrill Lynch teams in Chicago. Their elite-family-office positioning and client-first values are a major draw.
7. Sanctuary Wealth
   Sanctuary is attracting advisors looking for full independence without building infrastructure from scratch. With strong technology partnerships and white-glove transition support, it’s become a top destination for breakaway teams.
8. Kestra Financial
   Kestra offers flexible affiliation options—both hybrid and RIA support—making it attractive to advisors who want independence with infrastructure. Their focus on technology and advisor support has made them a steady contender in 2025.
9. Morgan Stanley
   While known as a wirehouse, Morgan Stanley continues to attract top-producing teams, like an $875M team from JPMorgan. Their strong platform remains a contender, although some attrition toward independence is noticeable.
10. RBC Wealth Management
    RBC made a splash by onboarding a $5B JPMorgan team and a $500M team from Merrill. With a balance of boutique feel and robust resources, RBC is quietly climbing the ranks for advisors looking for flexibility with support.
11. UBS and Wells Fargo
    These traditional powerhouses still make moves, with UBS picking up $400M+ teams from Morgan Stanley and Wells Fargo growing its independent channel. That said, both are also seeing outflows to more modern, independent platforms.

Key Takeaways

• Independence wins. Firms like LPL, Cetera, Kestra, and Sanctuary are gaining attention from advisors seeking autonomy, payout control, and flexible tech.
• Cultural fit matters. Firms with consistent values, leadership, and support structures are pulling ahead.
• RIA platforms are rising. While not broker-dealers, custodians like Schwab and Fidelity are gaining from the shift toward fee-based independence.

Why It Matters For advisors considering a change, these trends offer a real-world roadmap. Looking at where others are going helps you assess what might be right for you. At Advisor Outreach, we track these movements and help advisors transition smoothly, strategically, and confidentially.

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2025 is already a banner year for transitions. If you’re wondering whether to make a move, we can help you evaluate your options and find the best-fit platform for your next chapter.