Every advisor considering a move ponders the same question: how many of my clients will actually come with me?
At Trusted Advisor Search, advisors who complete our structured, attorney-guided transition process retain the large majority of their book, the result of contract review, careful sequencing, and a communication plan built before notice is ever given, not left to chance.
What percentage of clients follow a financial advisor when they change firms?
Financial advisors most often change firms due to limited autonomy, a culture that shifted after a merger, technology that limits client service, and below-market compensation. Losing clients is the top fear, but advisors who move with a well-structured transition plan keep most of their book.
Why Is the Range So Wide?
Move type is the single biggest driver. Cerulli’s data breaks it down:
- W-2 employee-based broker-dealer to similar broker-dealer moves retain about 78% of client assets
- W-2 employee-based broker-dealer to independent broker-dealer moves retain about 82%
- Independent to independent broker-dealer moves retain about 89%
That’s an 11-point swing based on move type alone, more than any other single factor in the data.
Broker protocol status is another important factor, through the legal constraint it places on what an advisor can say to a client and when. Even between two protocol member firms, only a narrow slice of client information can move without separate client authorization:
- Name
- Address
- Phone number
- Account title
An advisor who assumes they can talk to clients the way they always have on day one at a new firm is often wrong, and finding that out mid-move is where retention can slip.
Then there’s the operational reality of the move itself. Cerulli’s research quotes one advisor describing their own transition as “a fire drill.” Compressed timelines and manual outreach to dozens of clients at once create friction, and that friction shows up no matter how strong the underlying relationships are.
The advisors who avoid it are usually the ones who sequence the move instead of reacting to it: they explain the why and the how before the transition happens instead of after. And advisors who feel stuck evaluating whether to move at all may lose more to the drawn-out indecision than they would to a well-run transition.
What Affects an Advisor’s Retention Rate
Retention is a preparation issue, not a relationship issue, which is why the most effective client retention strategies for financial advisors start well before notice is given.
Three things move the number:
- Contract and non-solicit language settled before a single client conversation happens, not reviewed for the first time after a client already knows the advisor is leaving.
- A book and technology evaluation that flags the hardest-to-move accounts, the ones with alternative investments or account types that won’t transfer cleanly, before they turn into a week-four surprise.
- A communication plan that exists before notice is given, sequenced to what the advisor’s broker protocol status allows.
A structured, attorney-guided transition process lays this groundwork before notice is given.
How TAS Advisors Compare
Advisors who go through TAS’s process experience a retention rate of roughly 90%, thanks largely to the Number 1 Protocol and an attorney-guided contract review done before anything is said to the current firm.
This groundwork also compresses the transition timeline, and the two are related. Advisors who wait to review contracts or map their book until after they’ve already resigned are the ones who watch a transition stretch toward the 90-day end of the range. Advisors who do that work first are usually done in weeks, and a shorter, better-sequenced move is part of why the retention number is as high as it is.
The Process Behind the Move Informs the Percentage
The retention rate an advisor ends up with isn’t an industry average waiting to happen to them. It’s a result of how the move takes place, from the first contract review to the last account transfer.
Wondering what your own number would look like? A Trusted Advisor Search consultant would be happy to talk it through with you.
You can also download our Financial Advisor Transition Checklist.
Frequently Asked Questions
What percentage of clients follow a financial advisor when they change firms?
Advisors who go through a structured, attorney-guided transition process with Trusted Advisor Search retain close to 90% of their clients. Industry-wide, Cerulli Associates reports asset retention between 78% and 89%, depending on the type of move.
Does broker protocol affect how many clients follow an advisor to a new firm?
Yes. Even between two protocol member firms, only a narrow slice of client contact information (name, address, phone, email, and account title) can legally move without separate client authorization. Everything else requires the client’s consent.
Why do some advisors retain more clients than others during a transition?
The gap usually comes down to preparation. Advisors who settle contract and non-solicit questions early, flag hard-to-move accounts before they become surprises, and build a communication plan before giving notice tend to retain more than advisors who improvise after they’ve already resigned.
How can a financial advisor improve client retention during a transition
Get the contract and non-solicit language reviewed before any client conversation happens, audit the book for accounts that won’t move cleanly, and sequence client communication to what broker protocol status allows, all before notice is given.
