The highest firms in the wealth administration industry continued to compete for councilors' teams in 2024, but they faced some heads that caused movements between firms to stay highly in accordance with previous years, in recent years Advisor Transition Report by diamond consultants.

The report revealed that 9,615 experienced councilors changed firms last year, just from 9,674 to 2023 and 9,006 in 2022. This represents about 6% of experienced advisers.

The general movement of councilors was possible greater than what when Diamond Consultants trace the movement between “experienced advisors”, those with three or more years in the industry.

But 2025 is unlikely to have the same head head, which included geopolitical uncertainty, federal reserve interest rate policies, money cleansing review and the continuous impact of the 2023 regional banking crisis.

Jason Diamond, executive vice president and senior consultant in Diamond Consultants, expects the councilor movement to climb north of 10,000 to 2025.

“If we don't see another event of the black swan, like a Covid situation, I don't see a world where the movement is not higher this year than it was last year,” Diamond said.