Introduction
For the first time in the history of the independent brokerage channel of wealth management, the combined client assets involved in the 10 largest moves and M&A deals have surpassed $1 trillion. This signifies a significant shift in the landscape of the industry, with a total of 7,476 advisors and $1.06 trillion in client assets being part of these transformative transactions.
Key Findings
Financial Planning’s latest ranking reveals that the number of client assets involved in the top 10 moves has nearly tripled compared to the previous year. Additionally, the number of announcements involving advisors, teams, and firms with at least $1 billion in client assets has more than doubled, reaching a record 83 in 2025.
Notable Transactions
Among the notable transactions in the independent channels of wealth management this year, LPL Financial’s acquisition of Commonwealth Financial Network and an ex-Merrill team’s launch of OpenArc Corporate Advisory stand out. These deals have been described as “seminal” by industry experts, with long-lasting impacts on the sector.
According to Shelby Nicholl, founder of Muriel Consulting, the acquisition of Commonwealth by LPL Financial represents a dramatic shift in the industry landscape, eliminating a unique option for advisors. The launch of OpenArc by an ex-Merrill team managing $129 billion further underscores the changing dynamics in the RIA space.
Rankings and Trends
The rankings of the largest recruiting moves and M&A deals in 2025 among independent broker-dealers in terms of client assets reflect the evolving nature of the industry. To explore the full list of rankings, visit here.
Conclusion
The independent brokerage channel of wealth management is experiencing a period of unprecedented growth and transformation, as evidenced by the record-breaking deals and moves in 2025. These developments are reshaping the industry landscape and setting the stage for continued evolution in the years to come.
Source: Financial Planning
