Confidential transitions, M&A, and succession guidance | Independent and platform-agnostic

Advisor Channel Flow

Which business models are gaining advisor registrations. Movement between models - wirehouse, regional, independent broker-dealer, hybrid RIA, RIA, bank, insurance, and platform. The question underneath every other report: not just which firms are gaining registrations, but which models are.

These reports are based on public U.S. SEC IAPD IAR registration changes. Advisors registered only as brokers are not included. Because IAR registration changes can include non-producing, supervisory, home-office, or administrative registrants, figures should be read as directional movement records, not audited counts of producing advisor transitions.
Channel definitions
Wirehouse - the largest national employee brokerages. National Broker-Dealer - large national broker-dealers that are not wirehouses. Regional Broker-Dealer - employee broker-dealers with a regional footprint. Independent Broker-Dealer - independent-contractor BD affiliations. Hybrid RIA - advisors operating both an RIA and a BD affiliation. RIA - fee-based registered investment advisors with no BD affiliation. Aggregator / Enterprise RIA - enterprise and roll-up RIA platforms advisors join. Platform / Custodian - custodians and turnkey platform providers. Bank / Trust - bank- or trust-affiliated. Insurance-Affiliated - insurance-company-affiliated. Other / Unclassified - firms not yet assigned a channel.
Channel classifications are judgment-based. Many firms operate across more than one model, and SEC registration data does not always capture the advisor's full business model. These classifications are intended to show broad directional movement, not precise firm taxonomy. For this report, independent channels include independent broker-dealer, hybrid RIA, and RIA; independent-to-independent movement is not counted as net movement into independence.

Where you stand is a starting point, not a verdict.

The data shows the pattern. The decision is personal. Whether you are pressure-testing a possible move or thinking about the value you have built, Continuum helps you weigh it without an agenda - we are platform-agnostic, and advisors never pay us.

Looking for the right home

Find the right partner or platform

If your firm's flow has you wondering, we map the full landscape against what actually matters for your practice over the next 10 to 20 years - not just the biggest upfront check.

  • Confidential platform and partner search across BD, RIA, and hybrid models
  • 6C Alignment benchmarking of every realistic option
  • Economics modeled over the life of the deal, with hidden costs surfaced
  • Negotiation and transition management, not just an introduction
Explore your options
Thinking about monetizing

Sell or transition your practice

If you are closer to harvesting the value you have built, we guide the sale, succession, or equity path - evaluating buyers on cultural and operational alignment, not just the headline multiple.

  • Buy-side and sell-side M&A guidance for practice sales and acquisitions
  • Succession structures, equity partnerships, and continuity planning
  • Buyers assessed against client impact and long-term alignment
  • Compensated by the acquiring party - clear about whom we represent
Discuss your practice value

Not sure which path is yours yet?

Most advisors start with one private conversation to figure that out. No pressure, no resume blasting, no obligation.

Schedule a Confidential Call

Every Continuum engagement - platform move, acquisition, or succession - runs on the same 6C Alignment Standard: Culture, Community, Compatibility, Capability, Compensation, and Capital.

Source & Method
Net reported flow by model
For each channel, the IAR registration changes that moved into it minus those that moved out, counting registration-change records - not assets or revenue. A positive figure means the channel gained more IAR registrations than it lost this window.
Channel classification
Each firm is mapped to one business model using its registration profile and public information. These categories are judgment-based: many firms operate across more than one model, and registration data does not always capture a firm's full business model, so treat them as broad directional groupings, not a precise taxonomy.
Independent channels & "net into independence"
For this report, independent channels are Independent Broker-Dealer, Hybrid RIA, and RIA. "Net into independence" counts inbound records from non-independent channels minus outbound records to non-independent channels; movement between two independent channels is not counted.
IAR-only scope
Because broker-only registrants are excluded, the Wirehouse, National Broker-Dealer, and Insurance-Affiliated figures capture only the IAR-registered portion of those firms' movement, so employee-channel totals are more affected by the IAR lens than RIA-side channels.
Dual registration
An IAR can hold more than one registration (for example an RIA and a BD affiliation). Each firm is assigned a single channel, so advisors who operate across models are represented by one classification and the chart shows broad direction rather than every affiliation.
Other / Unclassified
Firms not yet assigned a channel. Records on either end that fall into Other / Unclassified are shown for completeness but are not counted in a defined channel's gains or losses.
What counts as a move
Any registered IAR whose firm registration changed during the window. It is a count of registration-change records, not vetted client-facing advisors, so it can include non-producing registrants such as home-office or supervisory staff. Not production-weighted, AUM-weighted, or revenue-weighted.
This window / dataset
The current view is all IAR registration changes reported in the last 12 months. Going forward this becomes a rolling trailing-12-month period, so the figures always reflect the most recent 12 months.
Directional
These figures describe broad patterns of registration movement, not audited counts. Use them to spot trends and questions worth exploring, not as a precise scorecard.
Market Intelligence

Explore the other reports

The other public reports, built from the same SEC IAPD registration-change data and updated on a rolling 12-month window.

The Advisor Flow Index What recent movement shows for a firm - net reported flow, rank, tenure at exit, and where its leavers land. Open report → Migration Lanes Which firm-to-firm routes are repeating - the busiest routes, head-to-head exchanges, and clustered movements. Open report → Movement Map What reported movement looks like in each state - local gainers, top inbound and outbound routes, and in-state moves. Open report →
← Back to the Market Intelligence overview