Representative movement in the U.S. wealth management industry increased in 2025 and the pace of that growth appears to be accelerating. As the trend toward independence continues to grow, technology has helped that push for independence while also significantly raising client expectations, further continuing revolutions in the industry.
In 2025 alone, more than 39,000 representatives switched firms, one of the strongest mobility years of the past decade, according to data from ISS MI. Following two years of lower movement in the wake of severe market volatility, the pace of movement accelerated to levels last seen in the immediate recovery from the pandemic, further establishing an important fact: while affected by cyclical forces, heightened rep movement is fundamentally a structural phenomenon.
Movement within the same channels is the single largest source of activity throughout the intermediary landscape, as representatives seek better opportunities without fundamentally changing business models. Still, the option of greater independence was the largest source of cross-channel movement among representatives. A net of more than 2,500 representatives left broker-dealer firms to join RIAs in 2025. Independent channels gathered at the second highest net amount, bringing on nearly 1,000 new reps last year.
As representatives gain more experience in their practices, it will become increasingly appealing to seek out independent routes where they can control both more of their practice and more of their payout. The insurance and wirehouse channels have faced the most consistent losses as advisors have left more centralized practices. Even though these channels were home to top producers, the data showed a growing migration towards smaller practices. Thanks to improvements in technology and more modern, client-aligned ecosystems, those going independent are better able to replicate the offerings and benefits of larger firms than they have been in years past.
It is worth noting that the vast majority of the movement is not being led by newer reps, but by established, experienced ones who represent greater financial value to their firms. As recruitment has slowed and the existing workforce grows older, attracting and retaining experienced representatives takes on increased importance for both new and existing firms.
Taken together, 2025 paints a clear picture: representative movement continues to accelerate as demographic forces are redefining how advisors plan the next phase of their careers. Our latest Rep Movement Report dives deeper into these patterns across years of data, mapping where advisors are coming from, where they’re going, and what these patterns reveal about the next era of competition in wealth management.
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Authors:
Antara Maity, Senior Associate, U.S. Fund Research, ISS Market Intelligence
Alan Hess, Vice President, U.S. Fund Research, ISS Market Intelligence
