The Biggest Reasons Advisors are Leaving
For years, wirehouses dominated the wealth management industry, but a growing number of advisors are breaking away to join independent RIAs. What was once seen as a risky move has now become a mainstream trend, with firms like Hightower Advisors playing a key role in accelerating the transition.
A decade ago, wirehouse executives dismissed concerns about advisors leaving, pointing to stable headcounts, but the shift has proven undeniable. Cerulli data projects wirehouse market share will drop to 27.7% by 2027, with RIAs benefiting from the exodus. In 2024 alone, wirehouses experienced a net loss of 612 advisors, while RIAs gained 856, reflecting the increasing appeal of independence.
With factors like autonomy, higher earnings potential, and access to cutting-edge technology driving the movement, the trend shows no signs of reversing—raising the question of how much longer wirehouses can sustain their traditional model.
Finsum: We really think technology is adapting how advisors are thinking about their evolution within a firm, wirehouses need to give them the most opportunities.
- advisors leaving firms
- advisors
- switching firms
- wirehouses
