It's been a blockbuster summer for recruiting.
Since the season's official start date, nine teams that oversaw about $15 billion in assets switched firms or went independent. Broaden the lens a little, and the numbers become even more impressive. A dozen teams that oversaw at least $1 billion in assets have found a new home since May.
Indeed, 2015 is shaping up to be a strong year for advisor moves.
According to On Wall Street reporting, more than 350 advisors managing about $60 billion in client assets have switched firms. By comparison, about 480 advisors managing about $57 billion in assets made a move in 2014.
Recruiters say that movement has been up recently due to contracts expiring and the strength of the deals available.
"The offers can be a real game changer for top advisors," Michael King, head of Michael King Associates in New York says.
Another notable trend: more top advisors are looking beyond the wirehouses. Some opted to go to a super-regional like Raymond James, while others went independent.
"People are seeking solutions outside the traditional," says Danny Sarch, president of Leitner Sarch Consultants.
"I think the very big firms want their advisors to fit into boxes and when people fit outside those of those boxes, they feel uncomfortable," he says.
However, recruits also caution not to read too move into current announcements, as any move often takes weeks, if not months of preparation. If an advisor decides today to make a move because of whatever reason, the actual day of the move may not happen until January.
"There's an enormous amount of work involved," Sarch says.
He adds that there is an element of seasonality. For example, some advisors may have planned to make a move during the quieter summer months while others may be waiting until the fall having preferred to keep their vacations quiet.
In either case, almost all moves share one element: it comes down to individual advisor's needs and plans for the future.
Here are where the biggest teams moved this summer.
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