March 19, 2025
Jason Diamond Quoted
By Diana Britton
The top firms in the wealth management industry continued to compete fiercely for advisor teams in 2024, but they faced several headwinds that caused movement between firms to stay fairly consistent with years past, according to the latest Advisor Transition Report from Diamond Consultants.
The report found that 9,615 experienced advisors changed firms last year, down slightly from 9,674 in 2023 and 9,006 in 2022. That represents about 6% churn of experienced advisors.
Overall advisor movement was likely greater than that since Diamond Consultants tracks movement among “experienced advisors,” those with three or more years in the industry.
But 2025 will not likely have the same headwinds, which included geopolitical uncertainty, Federal Reserve interest rate policies, the scrutiny on cash sweeps and the continued impact of the regional banking crisis of 2023.
Jason Diamond, executive vice president and senior consultant at Diamond Consultants, expects advisor movement to climb to north of 10,000 in 2025.
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