The quest for greater independence is still attracting many financial advisors, with the registered investment advisor channel netting the most advisors in the past six months when considering inflows and outflows, according to new data and analysis from AdvizorPro.
According to the data and insights platform provider based in Atlanta, Georgia, the RIA channel ended with 1,860 net hires over the six-month period from October 2024 through March 2025.
The regulatory channel’s popularity “reflects the continued shift toward independence, supported by M&A from consolidators like Mercer Advisors, Captrust and Wealth Enhancement Group, as well as improved access to tech infrastructure and operational support,” AdvizorPro’s analysts wrote in the report.
Hybrid platforms, by which advisors gain flexibility but retain broker/dealer affiliation, netted 277 new hires in total.
Independent broker/dealers, meanwhile, lost 480 advisors net, and wirehouses saw the most attrition, with 562 net losses.
Losses in the IBD channels underscore the “friction within legacy broker/dealers, especially those undergoing platform changes or consolidation, such as Osaic and Commonwealth,” AdvizorPro analysts wrote. “A number of advisors have exited, amid compliance shifts and compensation changes.”
Since LPL Financial’s announcement that it is acquiring Commonwealth, some large IBDs are making public overtures for Commonwealth advisors to join their channels. LPL, for its part, has been making retention offers and has promised to keep the more boutique culture and ethos of Commonwealth intact.
Advisors breaking away from a wirehouse tend to move first to a hybrid model, where they are registered as both an RIA and broker/dealer and offer both fee—and commission-based services.
“Most breakaways continue to favor hybrid platforms as a stepping stone toward independence, with a smaller group transitioning directly to RIA or IBD structures,” AdvizorPro wrote. “This suggests that many are seeking flexibility and autonomy while still relying on broker/dealer infrastructure as a transition step.”
Among 1,373 breakaways from wirehouses, 1,082 went hybrid, 158 to an RIA model, and 133 to an IBD.
The most popular firms for breakaway advisors were J.P. Morgan Securities, with 107 advisors, followed by LPL, with 103, and Raymond James, with 96.
Newer entrants to the space also had a strong showing, with &Partners drawing the fourth-most advisors, with 81, and Rockefeller Capital Management drawing the fifth most, with 71.
While the RIA channel saw the most net advisor gains, most advisors did stay within the same channel when moving. About 89.14% of advisors who moved stayed within their original channel, showing that “firm-level dissatisfaction, M&A, and restructuring” were stronger drivers of movement than desiring a new regulatory model, AdvizorPro analysts noted.
Regarding the age of FA movers, the firm found that nearly half (47.6%) were under 40, and 23.17% of those who moved were between 40 and 50.
Advisors aged 50 to 60 accounted for 18.39% of those who moved, and those 60 and above made up 10.86%.
“Younger professionals often seek growth and alignment, while older reps evaluate succession plans,” AdvizorPro analysts wrote.
Meanwhile, in an aging industry, a few firms stood out for being good at hiring new advisors.
Edward Jones led the pack with 434 new advisors, followed by J.P. Morgan Securities with 374 and Merrill with 366.
Almost 47% of new advisors are starting in the industry at broker/dealers, with another 29% affiliating through dual-registered platforms. In contrast, only 12.5% joined wirehouses, and only 11.7% started at RIAs .
“This distribution suggests that despite the long-term shift toward independence among experienced advisors, most new entrants continue to begin their careers within more structured or captive environments, likely due to training programs, brand recognition, and operational support,” the analysts wrote. “As these advisors gain experience, many may eventually migrate to hybrid or RIA models, following the same path observed in broader industry movement trends.”