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At least 38 billion-dollar advisors and teams switched firms

Winthrop & Co. counted at least $78 billion in reported assets on the move between July 23 and Oct. 22.

$78BCombined assets of billion-dollar teams and advisors that switched firms

At a glance

  1. The moves totaled at least $78 billion, Financial Advisor Magazine reported.
  2. Employee firms outside the wirehouses took 14 of the moves, representing $31.4 billion, with RBC Wealth Management leading that group with four.
  3. For advisors weighing a move, Winthrop co-founder and president Taylor Robinson said three months "isn't a trend yet," but billion-dollar teams are shopping for a specific mix of ownership, culture and support.

At least 38 teams and individual advisors with $1 billion or more in reported assets switched firms between July 23 and Oct. 22. The moves totaled at least $78 billion, Financial Advisor Magazine reported. The figures come from research by transition consultancy Winthrop & Co., which built the count from publicly reported moves.

Employee firms outside the wirehouses took 14 of the moves, representing $31.4 billion, with RBC Wealth Management leading that group with four. Wirehouses took $19.5 billion across six teams, independent RIAs $9.7 billion and independent broker-dealers $8.1 billion, each with six moves. Raymond James drew the most billion-dollar teams overall, four totaling $8.7 billion, while RBC also took four, worth $5.5 billion.

For advisors weighing a move, Winthrop co-founder and president Taylor Robinson said three months "isn't a trend yet," but billion-dollar teams are shopping for a specific mix of ownership, culture and support. The spread across channels means recruiting at this size is a contest across every model.

Reported by the Moves desk from Financial Advisor Magazine. Published . Corrections

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