The financial advisory business, in the United States, is in constant flux. Indeed, thousands of registered reps switch firms each year in pursuit of better opportunities, business models, and client alignment. Data from ISS MI’s just-published Rep Movement Report shows that 2024 was no different: Nearly 35,000 U.S. based reps joined another firm in 2024—about as many as in 2023.
In any given year, around 4% to 5% of reps depart to other firms. Turnover clocked in at the higher end of this range in 2021 and 2022 following the COVID-19 pandemic after registering well below normal levels in 2020. The chart below, which depicts historical rep movement, shows turnover returning to more modest levels in 2023 and 2004.
By: Christopher Davis, Vice President, ISS Market Intelligence
