March 20, 2025
Jaosn Diamond Quoted
By Janet Levaux
A total of 9,615 financial advisors with over three years of industry experience changed firms in 2024, according to the latest tally from Diamond Consultants.
“For those keeping score at home, that means that despite a myriad of headwinds, advisor movement was more or less flat (down less than 1%) versus 2023, [when] 9,674 advisors changed firms,” according to Jason Diamond, executive vice president and lead author of the firm’s 2024 Advisor Transition Report.
The estimated “churn” or movement of experienced advisors last year, Diamond says, was about 6%.
“Advisors are far more likely to move within their channel than to another,” he points out. This “may be why, despite pressure from advisors, none of the other wirehouses (except Wells Fargo) have launched an RIA or independent channel.”
