Declaring Independence: Why Advisors Are Leaving the Captive Model Behind

Every July, the nation pauses to celebrate independence. For financial advisors, that word is starting to carry a meaning that goes well beyond the holiday.

Something significant is happening in wealth management. Advisors at some of the largest firms in the country are leaving, and not in a trickle. In 2024 alone, more than 9,600 experienced advisors changed firms, according to industry data from Diamond Consultants. Cerulli Associates projects that roughly one in ten advisors expect to move or merge their practice in the year ahead. The direction of that movement is clear. It points toward independence.