Are You Building Equity - Or Renting a Grid
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Advisor Movement & Deal Economics (2020 - YE 2025)
Wirehouse W-2 → IBD | Hybrid | Independent RIA
This wasn’t just a recruiting cycle. It was a structural shift in ownership and exit value.
From 2020 through year-end 2025:
- More producing advisors left the profession than entered
- The RIA channel posted a significant net gain
- Consolidation hit record levels
- Recruiting packages reached historic highs
- Sunset programs and equity exits diverged dramatically
The real question isn’t who’s moving.
It’s why.
And whether you’ve run the full math on cash flow, control, and exit value.
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What you'll discover
Inside this data-backed industry analysis:
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The truth behind 2025 advisor flow trends
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RIA vs wirehouse net channel outcomes
- Recruiting deal structures vs sunset program economics
- How ~9x EBITDA valuations compare to revenue multiples
- The after-tax math of W-2 vs 1099 take-home
- Why retention (~95% in many deals) is the hidden underwriting driver
- What consolidation and private equity mean for your leverage
This report is built for decision-makers, not headline readers.
If you are within 5-10 years of a major transition, succession decision, or platform evaluation, this is required reading.
Download the full report now.
