From war to Wall Street woes, 2022 was a year of challenges and big question marks across our economy and the globe. Despite all of that advisors still sought out new opportunities and potential by moving to a new firm.
In this post we’ll take a look at the biggest recruiting winners on the BD front, as well as share news and insights for advisors looking to transition in 2023.
We start off the show with a look at 2022’s top 5 net gainers. These BDs jumped the most in AUM when considering recruiting moves both in and out of their firm. This year’s list features 2 new names, 2 exits, and 1 firm moving up the charts.
We start at number 5 with a return to the top tier for Ameriprise. In fact, the firm moved up 7 positions from the 2021 rankings, making them the biggest gainer of the year as well. Larger transition packages and a steady keel during tumultuous market conditions made Ameriprise a desirable spot in 2022.
Coming in at number 4 on our list was First Republic. They too are new to the top tier this year, having just missed out on the elite level last year at number 6. Their November pickup of a $1.25 billion dollar former Wells Fargo Palo Alto, California team was one of over a dozen big pickups that netted out to over $10 billion in new AUM.
Last year’s number 5 Cetera moved up 2 notches to 3rd position this year. Back in March Cetera rebranded its new advisor onboarding and integration experience combining quote “technology integration, customized transition planning, and a collaborative approach to deliver a more efficient, streamlined and positive experience.” These changes likely helped as they brought in nearly $14 billion in net new AUM in 2022.
We jump back in with Rockefeller Capital Management as they continued their climb towards the top with a second-place finish in 2022.
CEO Greg Fleming noted in comments earlier in the year that their plan was to double headcount in five years and they appear on pace with more than 85 teams in place now en route to a stated goal of 200 teams by 2025.
The top spot in 2022 belonged to LPL who have seemingly made themselves very comfortable in that position having topped the charts now for 4 years in a row. This year they brought in over $27 billion in net new AUM, including about $2 billion each quarter which flowed to the firm’s new affiliation channels, including its breakaway model Strategic Wealth Services, an employee model called Linsco, and a custody unit for registered investment advisors.
Earlier in the year LPL CEO Dan Arnold commented positively on their win rate and noted “we feel great about our pipeline across all of the different affiliation models.” If so, could that mean we see LPL at the top of the charts again at the end of 2023?
Stay tuned for monthly coverage of advisor moves here on The FA Show and at AdvisorHub.com’s Recruiting Wire section.
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