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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteBroker/dealers face a consequential recruiting and retention challenge in 2026: Cerulli Associates projects that 8.6% of advisors will change firms, putting approximately $3.4 trillion in assets in motion. Those are projections—not final results—and they point to a strategic balancing act: give advisors more control over how they serve clients while maintaining the technology, brand, and specialized resources that help their practices grow.
What Cerulli projects for advisor movement in 2026
In an October 1, 2026, announcement about The Cerulli Report—U.S. Broker/Dealer Marketplace 2026: Navigating the Impact of Broker/Dealer Consolidation, Cerulli estimates that 8.6% of advisors will change firms during 2026, with approximately $3.4 trillion in assets set in motion. These figures describe Cerulli’s outlook, not confirmed year-end movement. Cerulli’s announcement does not provide the report’s sample size, field dates, survey instrument, or weighting, so the projections should not be treated as independently verifiable counts of completed moves.
For broker/dealers, the scale makes affiliation preferences a business priority: advisors considering a change may bring client relationships and assets, while firms that fail to meet their needs risk losing them. Cerulli names three drivers of movement: preferences for increased flexibility, stronger economics, and client service models.
Why flexibility must come with institutional support
Advisor choice and firm resources are not opposing goals. Advisors may want discretion to tailor a practice to clients, but they can still benefit from a firm’s infrastructure, reputation, and specialized capabilities. The strategic challenge for broker/dealers is to offer flexibility without making advisors feel they are on their own.
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Michael Rose, a director at Cerulli, put the value of discretion this way: “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 said, “Firms that can provide increased flexibility with institutional support will be better positioned to attract advisors.”
Technology is part of the affiliation decision
Cerulli reports that 57% of advisors said technology influenced their decisions to join a new broker/dealer over the previous three years. The public announcement does not provide detailed survey methodology, so the figure should be read as a reported influence among advisors—not proof that technology alone caused a move.
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For advisors comparing firms, the relevant question is not simply whether a platform exists. It is whether the available tools support the practice’s preferred workflows and client service model, and whether the advisor has meaningful choice in selecting them. Cerulli points to customizable technology and open architecture as ways firms can provide more discretion. These are comparison criteria, not evidence that a particular platform or affiliation model is superior.
Compare the support behind an affiliation
Advisors assessing a potential broker/dealer relationship can use these dimensions to make the trade-offs concrete. Cerulli identifies them as relevant to affiliation preferences; it does not rank them or compare specific firms.
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| Dimension | Questions to ask |
|---|---|
| Flexibility and control | How much discretion will you have over tools, resources, and the way you run your practice? |
| Technology | Can you customize the tools you use? Does the firm support open architecture and fit your preferred client service model? |
| Economics | How does the affiliation’s economics fit your practice and the services you intend to provide? |
| Brand and marketing | What firm branding and marketing support is available to help develop your practice? |
| Specialized services | What support is available for lending needs and high-net-worth clients? |
Why lending and high-net-worth services matter in the wirehouse channel
In the wirehouse channel specifically, Cerulli says advisors identify access to lending products (89%) and services designed for high-net-worth clients (84%) among the top benefits of firm affiliation. Those percentages refer to wirehouse advisors, not all advisors or every broker/dealer model; the release does not provide the survey’s detailed methodology.
The figures underscore that an affiliation’s value can extend beyond technology and payout economics. For practices serving high-net-worth households or clients with lending needs, specialized services may be part of the support worth weighing alongside advisor discretion.
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What broker/dealers need to balance
Cerulli’s outlook suggests that firms competing for advisors should connect choice to usable support: greater discretion over tools and practice design, alongside technology, brand and marketing resources, and specialized capabilities. For advisors, a useful comparison starts with the service model and economics they want, then tests whether a firm’s flexibility and resources will help them deliver it.
An industry publication also reproduced the announcement and figures in its October 1, 2026 coverage. Neither public announcement identifies specific technology vendors, product models, or affiliate programs, so conclusions here concern the strategic dimensions Cerulli describes rather than named providers.
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