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Broker/dealers face a two-part challenge in 2026: retaining advisors who want more control over how they work and attracting those weighing a move. Cerulli Associates projects that 8.6% of advisors will change firms in 2026, putting approximately $3.4 trillion in assets in motion. Those are projections, not final year-end results.

Why advisor movement matters to broker/dealers

Cerulli’s October 1, 2026 announcement, based on The Cerulli Report—U.S. Broker/Dealer Marketplace 2026: Navigating the Impact of Broker/Dealer Consolidation, frames advisor movement as both a recruiting opportunity and a test of firm value propositions. It names preferences for increased flexibility, stronger economics, and client service models as drivers of movement. The forecast signals potential change at substantial scale, but it does not establish which firms will gain or lose advisors or assets.

Cerulli’s press release does not publish the underlying report’s sample size, field dates, survey instrument, or weighting. The projected 2026 figures should therefore be read as Cerulli’s outlook, not observed outcomes or a complete measure of the market.

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What advisors appear to value when choosing a firm

Flexibility, economics, and client service

Cerulli identifies flexibility, stronger economics, and the client service model as factors behind advisor movement. These are related but distinct considerations: flexibility concerns the advisor’s discretion over practice choices, economics concerns the terms of affiliation, and service models concern how the firm enables advisors to serve clients. The announcement does not rank these drivers or quantify their relative influence.

Technology as an affiliation factor

According to Cerulli, 57% of advisors said technology influenced their decision to join a new broker/dealer over the previous three years. The public announcement does not provide detailed survey methodology, so this percentage should be treated as a reported finding rather than a complete account of advisor preferences. Cerulli’s strategic recommendation is to give advisors more choice through customizable, open-architecture technology, rather than assuming one toolset suits every practice.

How firms can pair advisor choice with institutional support

More advisor discretion does not mean that a firm’s resources become less important. The challenge is to let advisors choose tools and shape their practices while retaining useful support in areas where scale or specialist capability can help.

  • Technology: Offer breadth, customization, and open architecture so advisors can select tools suited to their practices.
  • Brand and marketing: Support advisors in building visibility and communicating their services to clients.
  • Specialized client resources: Make services for high-net-worth clients and access to lending available where they fit an advisor’s client base.
  • Affiliation economics and service: Make the financial arrangement and the firm’s client-service model clear enough for advisors to assess against their needs.

Michael Rose, a director at Cerulli, describes the rationale: “Allowing advisors more discretion in selecting the tools and resources that best support their practices can enhance their sense of control while improving their ability to meet evolving client needs.” Rose also says, “Firms that can provide increased flexibility with institutional support will be better positioned to attract advisors.”

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What the wirehouse figures say about support needs

Cerulli’s release reports two affiliation-benefit findings specifically for wirehouse advisors. They should not be generalized to advisors in every broker/dealer channel.

Benefit identified by wirehouse advisors Share reported by Cerulli
Access to lending products among top benefits of firm affiliation 89%
Services designed for high-net-worth clients among top benefits of firm affiliation 84%

These figures point to concrete forms of institutional support that can matter alongside technology and flexibility. They do not establish that every advisor needs the same services or that these benefits alone determine affiliation decisions.

A practical framework for evaluating an affiliation proposition

For broker/dealers reviewing their offer—or advisors comparing firms—the Cerulli findings suggest examining five dimensions together rather than treating technology or economics as the whole decision:

  1. Advisor control: How much discretion does the advisor have over tools and practice choices?
  2. Technology fit: Does the platform allow a useful choice of integrated tools, customization, and open architecture?
  3. Economics and service model: Are the affiliation economics and the support for delivering client service aligned with the practice?
  4. Growth support: What brand and marketing resources are available?
  5. Specialized capabilities: Are lending and high-net-worth services available when the advisor’s clients require them?

These are comparison dimensions, not a ranking of affiliation models. A firm’s proposition is strongest when its flexibility and institutional resources fit the advisor’s actual practice and clients.

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Sources and scope

The primary source is Cerulli Associates’ October 1, 2026 press release. The announcement and figures were also reproduced by ADVISOR Magazine / LifeHealth.com on October 1, 2026.

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