Recruiting

Wells Fargo lands big teams from Merrill and Citi, while Cerity Partners and Mercer Advisors continue their aggressive M&A streaks.

Logic (and compelling Cerulli Associates data) explain why advisor teams are gaining momentum. But teaming is not the only option for growth.

The loss of a $129 billion team for Merrill set the high-water mark in a year that also saw the departure of huge teams from UBS, JPMorgan, Wells Fargo and Oppenheimer.

Rockefeller becomes the latest firm to benefit from a steady stream of advisor defections from UBS this year.

Also, DayMark Wealth Partners sells a minority stake to Constellation Wealth Capital.

Founders Elissa Buie and Dave Yeske are leaving a legacy in the profession and at the firm under three successors taking over in 2026.

Brett Griffin was given two months' notice that he would lose his job when Charles Schwab closed the office where he was working in Temecula, California. Now the firm accuses him of using some of that time to help move client data to a rival RIA.

Also, Independent Financial Partners secures a $700M team from Commonwealth/LPL, and NewEdge Capital names a new CEO.

Consolidation has been ongoing for more than a decade in wealth management, but it accelerated to unprecedented levels this year.

Separate from any transactions involved with succession, financial advisors who want to retire face challenges that make exiting the business difficult.

Henry Robert Gleckler IV's dispute with JPMorgan over his alleged solicitation of his former clients now heads for a resolution before a FINRA arbitration panel.

Also, Cresset extends its reach in Texas, Janney recruits from Wells Fargo and Ameriprise, Merrill draws from Wells Fargo and Mercer acquires a $1B firm.

RBC CEO David McKay discusses plans to provide more clients with banking relationships while the firm announces a reorganization of its U.S. wealth management division next year.

JPMorgan again shows it makes a sharp distinction between advisors who build their own books of business and those who amass clientele from bank referrals.

Preparation is everything: If clients are aware of the transition well in advance, experts say the risk is pretty low they'll leave the firm.

One of the most consequential M&A deals in years leads this roundup of the many ways big independent firms grew in 2025 and how they plan to continue growing in 2026.

Also, Raymond James lands a $420M father-son team from Edward Jones, Cetera recruits a $350M LPL duo, and Cambridge acquires a $1B AUM dual registrant.

Savant Wealth Management, Moneta Group Investment Advisors and EP Wealth Advisors lead a group of fee-only firms with headcounts well above their peers.

Experts say RIA owners often resist making themselves replaceable. But they'll have to choose between an internal or external deal someday.

LPL executives have said they're well on the way to retaining 90% of the client assets they're seeking to bring over from their recent purchase of Commonwealth. But advisor departures have ticked upward.