Elite Consulting Partners is pleased to release the 2026 Elite Wealth Management Insight Report, a comprehensive industry analysis examining advisor movement, deal economics, and consolidation trends reshaping the wealth management landscape.
The report, “Trends, Deals, and Strategic Outlook: Wirehouse W-2 → IBD/Hybrid/Independent RIA (2020–YE 2025),” analyzes five years of advisor movement, transaction activity, and evolving compensation structures across the financial advice ecosystem.
The findings suggest that the industry is not simply experiencing advisor mobility, it is undergoing a structural shift toward ownership-driven business models and enterprise value creation.
The full report can be downloaded here: Download Link
Key Findings from the Report
Advisor migration toward independence continues
The report finds that while the overall advisor workforce is relatively stable, channel movement is accelerating. From 2020 through 2024, the RIA channel gained a net 8,739 advisors, while the wirehouse channel experienced a net loss of 8,303 advisors, according to industry data analyzed in the report.
More recent estimates show that in 2025 alone, the RIA channel recorded a net gain of more than 17,000 advisors, while wirehouses experienced continued net attrition.
The advisor workforce is tightening
The report also highlights a growing talent constraint across the profession. In 2025, approximately 57,000 producing advisors exited the industry while 53,000 entered, creating a net reduction in the available advisor workforce.
This dynamic is intensifying recruiting competition and driving larger transition packages across the industry.
Ownership economics are reshaping advisor decisions
The report compares three economic models commonly presented to advisors:
- Recruiting deals often reaching 375% or more of trailing revenue
- Wirehouse sunset programs typically clustering around ~2.0x trailing revenue
- Independent firm sales frequently valued around 7–10x EBITDA depending on size and profitability
Consolidation is accelerating across the RIA ecosystem
The analysis also highlights record M&A activity in wealth management.
Industry data cited in the report shows:
- 466 wealth management transactions in 2025, according to Echelon Partners
- 322 RIA M&A transactions in 2025, according to DeVoe & Co.
The increasing presence of private equity and scaled RIA platforms is expanding the buyer universe for advisory firms while fueling additional consolidation across the industry.
Quote from Frank LaRosa
“Financial advisors are not simply moving firms, they are rethinking the economics of their careers,” said Frank LaRosa, CEO of Elite Consulting Partners.
“For many advisors, the question is no longer just ‘What recruiting deal can I get?’ The real question is ‘Where can I build enterprise value and control my exit?’ This report helps advisors and firms understand the forces reshaping wealth management so they can make strategic decisions with clarity.”
Why the Report Matters Now
The Elite Wealth Management Insight Report argues that the industry is entering one of the most consequential economic periods in modern wealth management, as capital flows, consolidation, and advisor ownership models redefine how advisory businesses are built and valued.
Advisors and firms that understand these structural changes early will be better positioned to capture enterprise value and compete in an increasingly consolidated market.
About Elite Consulting Partners
Elite Consulting Partners is a leading consulting firm serving financial advisors and wealth management organizations nationwide. The firm provides strategic guidance on advisor transitions, practice growth, succession planning, and mergers and acquisitions. Founded by industry veteran Frank LaRosa, Elite Consulting Partners works with advisors and firms to help them evaluate their options and build businesses aligned with their long-term goals.
