Skip to content
Thursday, October 29, 2026 · Today’s edition, 6:30 a.m. ETThu, Oct 29 · 6:30 a.m. editionSign inMy Desk 0EditionsSign in
DataBy the NumbersThe Signal

MissionSquare's 199 events dwarf the industry's 72 new firms

One organization's month ran nearly three times the country's new-firm formation, and its internal split shows where the clients come from.

At a glance

  1. The split between the units is the tell.
  2. Set side by side, the two arms clear the field: NewEdge Wealth's 129 was the highest total any single firm reached, and MissionSquare is the only organization occupying two rows of the top dozen.
  3. Below the top three, the standings compress hard — nine firms inside a 28-event band running from MissionSquare Wealth Management down to Tastytrade at 84 — a recruiting market behaving like a healthy one, plenty of movement spread thin across plenty of names.

PWD's tracking logged 199 events across MissionSquare's two units in the past 30 days — 112 at MissionSquare Wealth Management, 87 at MissionSquare Retirement — against 72 new advisory firms registered across the entire country in the same window, a month that ran nearly three times the industry's new-firm formation. The split between the units is the tell. The wealth arm carries the larger share, which suggests a plan franchise working its existing record into advisory mandates instead of a wealth business that happens to own a retirement platform.

Set side by side, the two arms clear the field: NewEdge Wealth's 129 was the highest total any single firm reached, and MissionSquare is the only organization occupying two rows of the top dozen. Even on its own, MissionSquare Wealth Management beat everything on the list except NewEdge, RFG Advisory and Kestra Private Wealth Services.

FirmTracked events, 30 days
NewEdge Wealth129
RFG Advisory122
Kestra Private Wealth Services113
MissionSquare Wealth Management112
Merit Financial Advisors108
UBS93
Modern Wealth Management90
The Wealth Consulting Group88
The Strategic Financial Alliance Inc.88
MissionSquare Retirement87
OpenArc Corporate Advisory87
Tastytrade84

Below the top three, the standings compress hard — nine firms inside a 28-event band running from MissionSquare Wealth Management down to Tastytrade at 84 — a recruiting market behaving like a healthy one, plenty of movement spread thin across plenty of names.

Advisors changed employers 2,794 times in the 30 days, roughly one new firm for every thirty-nine of those moves, with 352 executive changes on top, teams leaving in groups 183 times, and sponsors launching 273 funds. Hardly anyone found a new firm.

For an advisor weighing a launch, the arithmetic is the case against it: registration is cheap, clients are not. In a month when that many advisors changed employers and 72 new firms were registered, the platforms logging the most events are the ones with a client list already in hand.

The likeliest explanation is the cost of acquisition: a buyer pays for a client book, while a retirement platform that works its own record has a list it never had to bid for. Two units of the same organization running hot in the same month reads as an internal funnel rather than a shopping spree. The industry's consolidation story is told in buyers and books; the counts here point at a quieter version of that logic, one that never shows up as a deal at all.

Retirement plans are a different channel from the recruiting market, which is what the event counts expose. A new RIA can compete on service, price and attention, but it cannot compete on proximity, because proximity is a statement mailed to a participant who has not been shopping for an advisor.

The gap between the two units is the number to watch: the wealth arm already leads, and a widening gap in the coming windows is what conversion looks like from the outside.

New registrations are the number the incumbents do not control. Hold that monthly rate and the next cohort of advisors will be employees of the platforms that already mail the statements, not founders.

Reported by the Numbers desk from PWD tracking data (30-day activity counts and firm leaderboard). Published . Corrections

Related

By the Numbers

Broadridge and LPL fill wealth-platform executive seats as three Schwab executives leave

PWD logged 351 executive changes and 10 custodian changes in the 30-day window, with leadership seats turning over far more often than client books changed custodians.

By the Numbers

Fund launches outnumber new firms four to one, and the industry builds product, not practices

Fund launches now outnumber new RIA registrations four to one in PWD's tracking, and the capacity being added is product capacity, not practice capacity.

By the Numbers

Advisor moves hit 2,555 in 30 days, outpacing 336 fund launches

AlpInvest and Bain Capital each filed Form Ds with no offering amount and $0 sold, while Raymond James added an alternatives sleeve to model portfolios.

PWD AnalysisBy the Numbers

ETF launches fall to eight in week to Oct. 27, an eight-week low

New-fund registration filings also dropped to an eight-week low of 17, according to SEC EDGAR filings.

PWD AnalysisBy the Numbers

Wealth managers announced 156 RIA deals, closed 50 in 90 days

Steward CEO Jim Gold says RIA deal volume may run five times the reported count, while Mariner seeks a $150 million term-loan add-on that takes debt to $1.3 billion.

Private Wealth DailyThe morning edition

The private wealth industry in four minutes, every morning at 6:30 a.m. ET. Free.

Free. Every morning. Unsubscribe from any edition in one click.

From other sections