Broker/Dealers Must Reinforce Core Strengths as Advisor Movement Accelerates

As advisor affiliations shift, technology, brand support and specialized resources remain key differentiators

October 1, 2026, BOSTON—Ongoing shifts in advisor affiliation preferences continue to reshape competition in the broker/dealer (B/D) marketplace. According to The Cerulli Report—U.S. Broker/Dealer Marketplace 2026, Cerulli projects that 8.6% of advisors will change firms in 2026, setting approximately $3.4 trillion in assets in motion. To capitalize on this opportunity, Cerulli recommends B/D firms leverage targeted strategies to effectively recruit and retain advisors.

Financial advisors are changing their affiliations at record levels. Preference toward increased flexibility, stronger economics, and client service models remain the primary drivers of advisor movement. As advisor and client expectations evolve, broker/dealers will need to balance advisors’ desire for flexibility with the resources and support that have long defined the channel’s value proposition.

Technology remains a key area in which B/Ds can differentiate themselves. More than half (57%) of advisors identify that technology influenced their decisions to join a new B/D over the past three years. Firms with expanded technology capabilities, open-architecture platforms, and customizable solutions could have an advantage.

Positioned To Attract

“Allowing advisors more discretion in selecting the tools and resources that best support their practices can enhance their sense of control while improving their ability to meet evolving client needs,” says Michael Rose, director. “Firms that can provide increased flexibility with institutional support will be better positioned to attract advisors.”

While advisors value greater freedom, they also continue to place significant importance on the resources and capabilities their firms provide. Many advisors in employee channels see their B/D as a key supporter in growing their businesses. Specifically, in the wirehouse channel, advisors identify the top benefits of being affiliated with their firm as access to lending products (89%) and services designed for high-net-worth (HNW) clients (84%).

“A major advantage for advisors in the employee channel is the ability to leverage their B/D’s branding, which helps establish trust with clients early on and facilitates marketing efforts to support organic growth. Cerulli recommends that B/D firms continue improving their resources and tools, such as marketing support and HNW services, as these are often deemed invaluable by advisors who rely on them,” he adds.

By implementing these targeted strategies, B/D firms can better adapt to changing advisor preferences while reinforcing their strengths. “This approach will allow advisors to benefit from in-house resources while supporting firms’ efforts to recruit and develop talented advisors,” he concludes.

These findings and more are from The Cerulli Report—U.S. Broker/Dealer Marketplace 2026: Navigating the Impact of Broker/Dealer Consolidation.

About Cerulli Associates

For over 30 years, Cerulli has provided global asset and wealth management firms with unmatched, actionable insights.

Headquartered in Boston, Cerulli Associates is an international research and consulting firm that provides financial institutions with guidance in strategic positioning and new business development. Our analysts blend industry knowledge, original research, and data analysis to bring perspective to current market conditions and forecasts for future developments.