Independent broker-dealers are outgrowing RIAs and captive firms as consolidation, advisor autonomy and platform scale reshape wealth management.

 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 recruited 18 former Commonwealth teams with nearly $4.5B in assets, turning LPL’s acquisition into a live advisor-retention test.

LPL’s Commonwealth deal faced about 5% advisor attrition early, but the bigger issue is whether asset retention, culture and conversion hold.

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.

Merrill hired Ryan Culpepper and Sam Pennell from Wells Fargo in Charlotte, showing how wirehouse recruiting still depends on local markets and team continuity.

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.

Cetera’s Guided Financial Strategies Win Shows Why Mid-Sized LPL Teams Are Still Moving

Savvy reached 100 advisors after adding three Commonwealth teams, showing how tech-forward RIAs are competing for advisors after LPL’s deal.

RBC opened its first Louisiana branch with Heller Stieffel & Noto from UBS, showing how advisor teams can anchor regional expansion.

Raymond James added Forsa Wealth Partners from Edward Jones, showing how father-son teams, business-owner clients and independence are shaping recruiting.

Cresset added a $1.8B Goldman Sachs UHNW team, showing how family office platforms are competing for entrepreneurs and legacy-focused clients.

Osaic added True Wealth from LPL and Soundview from Commonwealth, showing how culture, technology and growth support shape advisor recruiting.

Wells Fargo kept its 2026 advisor pay plan steady, but rising compensation costs show how strong markets can create grid creep pressure.

Cetera added Callero Capital Management from Osaic, showing how growth-minded advisor teams are weighing back-office support, succession and platform change.

Cambridge topped $2 billion in annual revenue as recruiting, acquisitions, AI and advisor support reshape independent broker-dealer growth.

Cetera added CarrThaxton Financial Group from LPL, showing how onboarding, technology and personalized support are shaping advisor recruiting.

RBC added The McGrath Group from Morgan Stanley in Fargo, showing how business-owner planning and ESOP expertise are shaping advisor recruiting.