Analysts see possible upside for LPL, Schwab, Raymond James and Stifel, but rate cuts, cash spreads and advisor growth will decide the story.

Raymond James added LPL and Commonwealth advisors as LPL, Ameriprise and rivals keep fighting for platform fit, retention and advisor independence.

Ameriprise won one court ruling and lost another against LPL, showing how advisor recruiting now turns on client data, protocol rules and transition risk.

Wells Fargo added nearly $1.5B in advisor assets across its employee and FiNet channels, showing how flexibility and scale are shaping recruiting.

Raymond James added Bank Midwest’s $692M wealth program, showing how bank-based advisor channels are competing for local trust and platform scale.

Ameriprise, Osaic, Kestra and Wells Fargo added major advisor teams, showing how recruiting is splitting across employee, independent and breakaway channels.

Edward Jones advisor exits rose in 2025 as veteran brokers drove more departures, raising questions about retention, book ownership and platform change.

Wells Fargo added advisor teams from Morgan Stanley and Ameriprise, showing how regional, family-linked practices remain central to recruiting.

Osaic added $442M from two Ameriprise teams, showing how OSJ partners can help advisors pursue independence with local support.

Ameriprise is putting advisor channels under Bill Williams as Pat O’Connell retires, creating a new test for recruiting, service and bank partnerships.

LPL added Texas Wealth Solutions from PNC but lost Pinnacle Wealth Management to Ameriprise, showing advisor recruiting’s two-way fight.

A federal judge stopped advisor device searches in the Ameriprise-LPL dispute as the case heads toward FINRA arbitration.