In a year when headlines have veered from the chaotic to the downright surreal, the first half of 2025 delivered one consistent throughline for the wealth management world: movement. A lot of it.
Major advisor teams managing billions of dollars in client assets left long-tenured posts at wirehouses and big banks to join firms offering more autonomy, better tech, and, perhaps most importantly, transition packages that are as aggressive as they’ve ever been.
But it wasn’t just headline-grabbing billion-dollar teams. Advisors across the spectrum—solo practitioners, multi-generational ensembles, and smaller boutique firms—also made moves in record numbers. Whether it was to gain flexibility, secure a better platform, or capitalize on a strong book of business, practices at nearly every level found compelling reasons to explore new opportunities.
Backdrop: Tariffs and Market Disruption
On April 2, former President Trump declared what he called “Liberation Day,” unveiling a broad package of new tariffs aimed at reducing American reliance on foreign goods. A universal 10% tariff was placed on nearly all imports, with higher rates for countries like China, which saw duties climb as high as 54%.
The rollout rattled markets. U.S. equities tumbled in early April, supply chains were disrupted, and consumer prices began climbing. A federal trade court later ruled the tariffs an overreach of presidential authority, though the policy remained in place pending appeal.
While some predicted that these developments might slow recruiting or delay advisor decisions, the opposite occurred. Advisors continued to move, and in many cases, moved more decisively.
Big Names, Big Moves
Several headline transitions dominated the first half of 2025:
Stifel’s West Coast Coup: Stifel added the Summa Group from Oppenheimer, a $2.1 billion team based in Los Angeles. The team cited stronger platform support and access to investment banking as key factors.
Rockefeller’s Relentless Recruiting: Rockefeller Capital Management continued its surge by adding multiple billion-dollar teams, including a $1.5 billion Merrill group, a $1 billion team from Janney Montgomery Scott, and a private wealth team in San Francisco.
Morgan Stanley’s Boomerang: An $800 million team returned to Morgan Stanley from UBS for the third time, illustrating how loyalty to people and platforms often outweighs firm labels.
RBC’s $5 Billion Win: RBC Wealth Management landed a J.P. Morgan team managing $5 billion in assets, the largest single-team acquisition of the year so far.
Merrill’s Mixed Quarter: Merrill lost more than $3.5 billion in advisor-managed assets, much of it to Rockefeller and Morgan Stanley. It did, however, bring in a $1.9 billion advisor from Raymond James.
Citizens’ Entry into Elite Recruiting: Citizens Bank recruited a $700 million duo from RBC in Florida, showing that regional players are increasingly stepping up in the recruiting wars.
Smaller Moves, Big Momentum
Outside the headlines, a steady stream of smaller transitions continued across every channel and geography. Advisors managing between $100 million and $500 million made quiet but strategic exits, often to regional firms, independent BDs, or newly launched RIAs.
This level of movement highlights a broader shift. Advisors no longer need massive books or national recognition to negotiate compelling transition deals or gain access to premium platforms. Whether they were seeking more operational control, a clearer succession path, or simply a better client experience, advisors at all levels found reasons to make 2025 the year they moved.
What’s Driving the Movement?
1. Unprecedented Recruiting Packages
Top-tier deals in 2025 often exceed 300% of trailing-12-month revenue when front-end and back-end incentives are combined. But competitive offers are now filtering down to mid-sized and even smaller producers, particularly in underserved markets or niche specialties.
2. Advisor Portability and Confidence
Advisors today feel more confident in their ability to bring clients with them. Thanks to digital onboarding, streamlined compliance, and client trust built over years, advisors know that changing firms no longer means starting over, it means scaling up.
3. Desire for Control
Many advisors are leaving large firms not because of acute frustrations, but because they want more control over branding, investment strategy, technology, and client communication. Boutique firms and independent platforms are meeting those expectations head-on.
4. Firms Are Playing Offense
Rather than taking a wait-and-see approach in a choppy economic environment, firms are playing offense. The hiring pace suggests that organizations are confident in the long-term value of advisor talent and willing to invest heavily to capture it.
Conclusion: Will the Second Half Be Just as Active?
The first half of 2025 showed just how competitive the wealth management recruiting landscape has become. Firms aren’t waiting for calmer markets or ideal conditions. They’re actively pursuing top talent with aggressive transition deals, enhanced tech platforms, and promises of more advisor control.
What’s changed isn’t necessarily the economy, it’s the mindset. Advisors are increasingly making moves from a position of strength, not desperation. They’re looking for platforms that align with their long-term vision, offer support without bureaucracy, and enable better service for increasingly mobile, high-expectation clients.
The question now is whether the second half of the year will continue at the same pace. With legal battles around tariffs still unresolved, a volatile election cycle looming, and firms continuing to sharpen their recruiting efforts, there’s every reason to believe it might.
If H1 was about action in the face of uncertainty, H2 may be about acceleration, and opportunity, for those prepared to move.
Ready to explore your possibilities?
Start with a safe, no-obligation step: visit 3xEquity.com/qs to see what your ideal move in 2025 might look like.
