NEW YORK (March 12, 2025) – ISS Market Intelligence (ISS MI), a leading global provider of data and insights to the global financial services industry, announces the release of the latest Rep Movement Report.
This report explores the patterns of advisors’ movements across distribution channels, the structural shifts driving these changes, and what these factors could mean for firms competing to attract and retain top talent.
In 2024, nearly 35,000 reps, or 4.4 percent of the total, joined another firm, about the same as in 2023. The majority of these reps moved to another firm within the same distribution channel, most likely due to their specific expertise, client relationships, and business models.
Reps who did make the leap to another distribution channel were drawn by a mix of factors, including higher payouts, improved access to technology, and closer alignment with client interests. Since the start of 2020, almost 10 percent of Wirehouse reps have moved to other distribution channels.
The overall number of independent reps has declined 6 percent over the past five years, mostly due to consolidation and declines at smaller firms. Wirehouse rep counts fell more sharply over the same period, losing 12 percent of reps due to channel switching and reduced hiring of early career advisors.
With rules requiring a shift to assets under management (AUM) fee-based business models, the number of reps registered as RIAs surged 28 percent since the start of the decade. Meanwhile, the number of reps registered solely as broker-dealers fell by approximately 18 percent.
For asset managers and other service providers, the investment landscape will continue to shift. Consolidation will remain a key force in rep movement, with 33 percent of advisors expecting practice changes in the next 12 to 24 months, according to a 2024 survey by ISS MI.
Christopher Davis, U.S. Head of Research at ISS Market Intelligence commented: “The rise of independence and fiduciary standards has reshaped advisor practices, client interactions, and portfolio construction. These trends signal an industry increasingly defined by fee-based models, regulatory-driven accountability, and the need for advisors to balance transactional flexibility with fiduciary standards.”
“Adapting to this changing landscape will require not only new engagement strategies, but also the flexibility to reach advisors wherever they move next.”
For access to the full report, please visit https://www.issmarketintelligence.com/solutions/marketsage/rep-movement-report/
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About ISS Market Intelligence
ISS Market Intelligence (MI) is a leading provider of data, insights, and market engagement solutions to the global financial services industry. ISS MI empowers asset and wealth management firms, insurance companies, distributors, service providers, and technology firms to assess their target markets, identify and analyze the best opportunities within those markets, and execute on comprehensive go-to-market initiatives to grow their business. Clients benefit from our increasingly connected global platform that leverages a combination of proprietary data, powerful analytics, timely and relevant insights, in-depth research, as well as an extensive suite of industry-leading media brands that deliver unmatched market connectivity through news and editorial content, events, training, ratings, and awards.
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