Large brokerage firms are increasingly prioritizing shareholder value over advisor autonomy, creating an environment where advisors often no longer own their client relationships or control how they serve them. Years of gradual restrictions, including major firms withdrawing from the Broker Protocol, have made it harder for advisors to leave without legal or logistical barriers.

As compensation shrinks, support staff declines, and compliance tightens, many advisors find the economics of staying at large firms less compelling. Meanwhile, independent RIA platforms now offer robust infrastructure, modern technology, and far greater freedom, 

Clients themselves are more informed and loyal to their advisor rather than the firm, increasingly asking whether they can follow their advisor to independence. 

Finsum: With the heat rising in the wirehouse model, more advisors are recognizing that staying put could be the higher-risk choice.