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FinancialADVSR

Est. 2026The front page of wealth managementNew York

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Topic

Breakaways

Teams leaving wirehouses and broker-dealers to go independent, and where they land.

A breakaway is an advisor or team that leaves an employee model, typically a wirehouse, regional firm or bank, to run an independent practice. The move trades a firm’s brand, infrastructure and recruiting package for ownership, higher payout and control over technology, products and service.

Breakaways usually take one of three routes: launching their own registered investment adviser, joining an existing RIA as partners, or affiliating with an independent broker-dealer or a platform that supplies compliance, technology and back-office support. Many land somewhere in between as hybrids.

Financial ADVSR tracks every reported breakaway across the industry press, with the team, assets, origin and destination where they’re disclosed.

Latest on breakaways

Questions

What is a breakaway advisor?

An advisor or team that leaves an employee-model firm, such as a wirehouse or bank, to run an independent practice, either by launching an RIA, joining an existing one, or affiliating with an independent broker-dealer or support platform.

What is the Broker Protocol?

The Protocol for Broker Recruiting is an industry agreement that lets advisors moving between member firms take limited client contact information without being sued for doing so. Membership has changed over time, so advisors check whether both their current and new firm participate before they move.

Why do advisors break away?

Common reasons include ownership and equity value, higher take-home economics, freedom over technology and products, reduced bureaucracy, and the ability to serve clients without firm-level product or policy constraints.

What does going independent cost?

Costs vary widely by model. Launching an RIA means paying for compliance, technology, custody relationships, office and staff, though many platforms bundle these services in exchange for a share of revenue or assets.