For more than two decades, we’ve published our annual Myths column. Over that time, the wealth management landscape has undergone dramatic changes, with new models, capital and opportunities that simply didn’t exist a generation ago. It’s an evolution that’s provided advisors with more choice and control than ever before.
And while advisors have access to an overwhelming amount of content and data, finding accurate, relevant information remains a challenge. (Put another way, sorting through the noise can make any advisor’s head spin!)
We believe that changing firms—or choosing not to—is too important a decision to be shaped by misconceptions. Based on numerous conversations with some of the industry’s most sophisticated advisory teams, we believe six persistent myths warrant a closer examination as we reflect on 2025 and look ahead to 2026.
1. Some teams are too big and complex to move.
Looking back on 2025, one thing is clear: this myth has been thoroughly dispelled. The past year included several truly eye-popping transitions in terms of size and complexity, including the off-the-charts $129 billion Merrill breakaway OpenArc, and several UBS departures, including the two massive $6B+ teams that departed UBS late in 2025, one decamping for Wells Fargo and the other launching an RIA.
These were among the largest and most sophisticated teams in the industry, and they navigated the transition successfully. That matters because if teams of this scale can move, it should provide real comfort to the broader advisor community.
It’s also worth noting that at least two of these mega-teams chose to launch their own standalone RIAs, intentionally forgoing what would have been multi-million-dollar recruiting deals in favor of enterprise value, true book ownership and maximum freedom and control.
Lastly, these transitions are notable because it’s fair to assume that teams of this caliber are exceptionally well served at their current firms. In many cases, they have direct lines of communication to the C-suite. So, when teams like this decide to change jerseys, it’s an important reminder that transitions aren’t always about frustrations or limitations. Sometimes, even the biggest and best-positioned advisors simply outgrow their firm.
2. Transition deals are formulaic, and most advisors can expect similar outcomes.
Perhaps this was true in the past, but it’s certainly not today.
There are two primary reasons for that. First, there is a wide range of “buyers” to which an advisor could reasonably “sell” their business. That universe includes wirehouses, other W-2 firms (regionals and boutiques), asset managers, family offices, RIAs and private equity firms, among others.
Second, even within the same channel (particularly among the four wirehouses), deals are less formulaic than ever. We’ve seen firms more willing to color outside the lines for top teams, crafting custom packages that include non-traditional structures and unique incentives.
This isn’t a sales pitch for change. But advisors should understand that they control a highly coveted and valuable asset—and firms are willing to pay a premium to secure it. In short, think of your business as a business.
3. There was one clear winner among firms in 2025.
Several firms performed well in 2025, but no single firm emerged as the clear, across-the-board winner.
Among the most successful firms in recruiting and retaining talent were “middle-ground” W-2 options (firms that offer full-scale and service, paired with less bureaucracy and red tape than the wirehouses). Regional and boutique firms, such as RBC, Raymond James and Rockefeller, stood out as significant winners in 2025, both in terms of market share gains and advisor perception.
On the other end of the spectrum, UBS Wealth Management clearly experienced the most challenging year among the major U.S. wealth management firms. The firm continues to lose significant teams, and its response to elevated attrition will be one of the seminal events of 2026. As it stands, movement away from UBS was arguably the defining story of 2025—perhaps even eclipsing the Commonwealth/LPL news.
Which brings us to …
4. All smaller broker/dealers will be acquired.
In the wake of LPL’s acquisition of Commonwealth, many advisors affiliated with smaller broker/dealers rightly began to wonder whether their firm might be the next M&A domino to fall. And while that transaction certainly made industry headlines due to its size and surprise factor, the broader conclusion many drew from it is misplaced.
The reality is that the vast majority of independent firms will not sell. That said, it is more important than ever for advisors to conduct proper diligence in advance—and to understand where the “off-ramps” are should a material event occur.
A clear and important role remains in the landscape for smaller, boutique, independent firms. Looking ahead, we expect advisors to continue pursuing a wide range of independent paths, including the IBD model, direct RIA launches, RIA platform-supported models and others.
5. Cash will always be king.
For years, many advisors loathed the idea of equity as a form of deal currency. It once represented uncertainty, illiquidity, and risk—things most advisors were happy to avoid. But in 2025, equity was very much back in vogue.
Advisors increasingly view equity as a meaningful component of a deal for two reasons. First, it creates strong alignment between the advisor and the firm. Second, advisors recognize that their businesses are often worth more as part of a larger enterprise, making the concept of an “equity swap” (where a rising tide lifts all ships) far more compelling than it once was.
6. Advisors need to find (or have) their own successor.
Many firms have become buyers in their own right. Particularly in the independent space, a growing number of firms now offer advisors the ability to sell to the parent firm at day’s end for a meaningful multiple of revenue or earnings.
In many cases, having a successor is still preferable—both because it ensures clients are left in good hands and provides greater flexibility when structuring a buyout. That said, there are more creative solutions than ever for advisors who don’t have a natural successor in place. It’s no longer the reason to feel stuck that it once was.
Looking Ahead
Making a move is a big decision, and it’s challenging enough even when an advisor has perfect information. These myths persist because they’re inherently limiting—and too often, they prevent advisors from fully exploring what’s possible.
Our wish for 2026 is simple: that advisors take time to get clear on their goals, and to carve out time to work on their business—not just in it. Because clarity creates leverage, and leverage creates choice. Ultimately, choice is where opportunity resides.
