Download the The Elite Wealth Management Insight Report 2026 Year-to-Date Edition:
https://eliteconsultingpartners.com/2026-insight-report/?utm_medium=video&utm_source=youtube
Wirehouses aren't imploding. They lost about the same number of advisors as last year. What changed is they're losing the recruiting war, even with 400%+ deals on the table.
In this episode of Advisor Talk, Frank LaRosa (CEO, Elite Consulting Partners) and Stacey Frank (Chief Revenue Officer) walk through Frank's 2026 Wealth Management Insight Report: who's really winning advisors, who's losing them, and why so much of the "record movement" you read about isn't advisors making a decision at all.
What you'll learn:
- Why 48% of 2025 registration changes weren't advisor decisions (and why that skews the headlines)
- Wirehouse recruiting is down 15%, but exits are flat
- 57% of advisors leaving a wirehouse stay W2, mostly at regional firms
- When a big W2 deal beats going independent on cumulative cash (and when it doesn't)
- Why aggregators are growing faster than standalone RIAs
- The three things to weigh before any move: cash flow, control and exit value
Chapters:
00:00 The W2 channel isn't imploding
00:30 Intro
00:59 The 2026 Wealth Management Insight Report
03:18 Registration changes vs. real advisor decisions
04:57 48% of 2025 moves weren't advisor decisions
05:44 Wirehouses aren't imploding, they're losing the recruiting war
08:02 Real advisor moves are up just 2%
11:09 Wirehouse recruiting down 15% (and Merrill's turn)
12:49 57% of departing wirehouse advisors stay W2
15:12 Do the math: W2 deal vs. independent payout
16:51 "Take the money" and keep your options open
18:08 Independent BD or your own RIA? You don't have to decide today
19:17 Running a practice vs. running a business
22:27 Where wirehouse leavers actually went
23:34 Broker dealer to broker dealer has the biggest churn
24:14 RIAs vs. aggregators
26:56 The "W2 independent" space
29:47 Net winners and losers of 2026
32:33 What advisors want: flexibility, culture, autonomy
34:02 "What's the best firm?" It depends
34:59 Cash flow, control and exit value
36:05 Wirehouse retirement deals vs. owning your book
38:46 The bottom line on the W2 channel
39:32 What's in the full report
Download the The Elite Wealth Management Insight Report 2026 Year-to-Date Edition:
https://eliteconsultingpartners.com/2026-insight-report/?utm_medium=video&utm_source=youtube
Thinking about your next move? Talk to Elite Consulting Partners:
https://eliteconsultingpartners.com
Stacey Frank: st****@*********************rs.com | 856-816-6322
Frank LaRosa: fr***@*********************rs.com
Subscribe to the podcast: https://eliteconsultingpartners.com/podcast
Instagram: @franklarosa.elite
For informational purposes only; not investment advice.
