Flagship Research & Analysis
READ NOWH1 2026, State of Advisor MovementThe State of Financial Advisor Movement, H1 2026
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Research findings, first half of 2026
The headline findings from Winthrop & Co.'s measurement of the first half, published openly. The firm-by-firm detail, the exhibits, and the full analysis are in the report itself.
15,540
producing advisors on the move, January through June 2026
142
RIA transactions in Q1 2026, the most active quarter recorded
$1.67T
transacted AUM in that quarter, more than double the year prior
550%
of trailing-12 revenue: UBS's reported 2026 offer, depending on the advisor's book of business
What the half showed
When the rental price of an advisor's loyalty approaches the purchase price of an equivalent enterprise, the market has told you what the asset is worth. Every firm competing for advisor talent is now answering the same question with capital: what is an advisor's business worth, and who should own it?
The industry argues endlessly about renting versus owning because both sides are right, about different advisors. The calculus flips somewhere in the $1 million to $2 million production band, which is why a single market-wide answer has never held.
A recruiting package is a financial instrument, and instruments disclose intent. UBS's reported 550% offer, depending on the advisor's book of business, drew the headlines; the 16-year term is the tell, and it is the precedent that should concern advisors most.
Only 22% of RIA leaders believe their internal successors can afford to buy them out, down from 38% in 2021. That converts the succession problem into acquisition supply: the retirement wave does not merely accompany the consolidation wave, it feeds it.
The firm-by-firm detail behind each finding is in the report.
Read the full reportExhibit
Headline recruiting packages, expressed as a percentage of trailing-12 revenue, with the commitment period attached to each era. Both columns matter: the percentage is what gets reported, and the lock-up is what gets signed.
| Era | Headline package (depends on the book) | Commitment |
|---|---|---|
| Pre-2000 | 20% | 5 years |
| Early 2000s | 40% | 7 years |
| 2010s | 125% | 8 years |
| 2015 to 2020 | 340% | 9 to 10 years |
| 2021 to 2025 | 435% | 12 years |
| H1 2026 | 550% | 16 years |
UBS's reported March 2026 offer of 550% came at roughly 250% upfront against a 16-year note, depending on the advisor's book of business; it was one firm's offer. In the deals we work on in 2026, wirehouse recruiting packages run closer to 400% of trailing-12 revenue, depending on your book of business. The specific answer, and the best deal we can win for your practice, comes from a confidential conversation.
Exhibit
Deal counts for the identical period, from three bodies of record. All three are correct. They differ on what counts as a transaction, not on what happened.
142
Echelon Partners
announced RIA transactions
93
DeVoe & Company
transactions on its own lens
90
FINTRX
registered-firm acquisitions
Advisors are routinely shown deal counts as evidence of market heat. Knowing which lens a number comes from is the difference between reading the market and being sold a narrative.
Direct answers
15,540 producing advisors were on the move in registered-rep data covering January through June 2026, measured by FINTRX for Winthrop & Co. and classified by Winthrop & Co. That count reflects producing advisors specifically, not total registered persons, which is why it runs higher than tallies built from publicly reported team moves alone.
Yes. Echelon Partners recorded 142 transactions carrying $1.67 trillion in transacted assets in Q1 2026, the most active quarter on that lens and more than double the prior-year quarter by assets. The record holds across definitions: 164 registered-firm acquisitions through June in FINTRX data, corroborated by DeVoe & Company's 167 on its own lens.
In the deals we work on in 2026, wirehouse recruiting packages run closer to 400% of trailing-12 revenue, depending on your book of business. UBS's reported March 2026 offer, the largest recruiting package reported to date, reached 550% of trailing-12 revenue on a 16-year commitment, with roughly 250% paid upfront, depending on the advisor's book of business; it was one firm's offer, set against that channel figure. In the independent broker-dealer deals we work on, transition assistance runs 100% to 150% and above for the right teams, depending on your book of business.
Because they measure different things. For the same period, Echelon reports 142 transactions, DeVoe reports 93, and FINTRX counts 90. All three are correct on their own lens: they differ on what qualifies as a transaction, what minimum size is counted, and whether registered-firm acquisitions or announced deals are the unit. Knowing which lens a number comes from is the difference between reading the market and being sold a narrative.
85% to 90% of assets typically follow a well-executed move, and nearer 70% net once planned attrition is counted. Portability is the silent assumption underneath every rent-versus-own calculation, and it is the first thing to diligence rather than the last.
Winthrop & Co. measures advisor movement from registered-rep and registered-firm data that it classifies itself, publishes the measurement twice yearly as The State of Financial Advisor Movement, and updates its advisor-moves trackers continuously. The data behind the H1 2026 edition was prepared by FINTRX. Other bodies of record include Echelon Partners and DeVoe & Company for RIA transactions, Cerulli Associates for channel-level advisor counts, and FINRA BrokerCheck for individual registration histories.
Movement counts are drawn from FINTRX registered-rep and registered-firm data covering January through June 2026, prepared for this research and classified by Winthrop & Co. Transaction counts are attributed to the body of record named alongside each figure. Departure tallies reflect publicly reported moves and therefore understate total movement. The 550% recruiting package is UBS's publicly reported March 2026 offer, one firm's offer. The 2026 wirehouse package and independent transition-assistance figures are Winthrop & Co.'s own deal work, and every figure depends on the advisor's book of business.
The State of Financial Advisor Movement carries the firm-by-firm joins and departures, destination-channel analysis, the full exhibit set, and the recruiting-economics and valuation sections in full. Registration opens the interactive edition and sends the print edition privately.
Related reading: the advisor-moves trackers, how forgivable loans actually work, and whether you actually own your book.