The cost of staying: what 11,172 advisors already figured out

In 2025, 11,172 experienced financial advisors changed firms, a 16.2% jump from the year before and the highest total in four years. These weren’t newcomers testing the waters. The advisors who moved averaged 22 years in the business, and some of the industry’s largest teams were among them. Even in a strong market, established advisors with plenty at stake decided it was time to reconsider where they worked.

Staying put has a cost, too. Deferred compensation, limited ownership, changing firm economics, and platforms that fall behind can quietly chip away at the value of your business. In this report, we break down what’s driving advisor movement, why experienced teams are making the leap, and what advisors should weigh when evaluating their own position. Staying is a decision, too, and it deserves the same scrutiny as leaving.