What Really Happens When Advisors Leave Jones: Client Retention Data & Myths
Introduction
One of the biggest concerns advisors have when considering a transition is: “Will my clients follow me?”
Firms often reinforce the fear that leaving means starting over. The reality, backed by years of industry research, tells a very different story.
The Myth: “You’ll Lose Most of Your Clients”
Inside many W2 environments, advisors are told that leaving will cause most of their book to evaporate. While a few attrition stories circulate, they’re the exception, not the rule. This myth persists largely because it benefits the firm—it discourages advisors from exploring other options.
What the Data Actually Shows
Independent studies show much higher client loyalty than many advisors expect:
Fidelity (2023): In its research The ins and outs of advisor movement, Fidelity found that advisors on average retain about 80% of the clients they want to move with them during a transition.
Cerulli/55ip (2025): A new study reported that advisors who move between broker-dealers lose about 22% of assets, those moving from a broker-dealer to an independent firm lose ~18%, and those moving between independents lose just ~11%. (Source: Cerulli press release)
The data is clear: most advisors keep the majority of their clients, with overall retention typically in the 75–90% range depending on move type.
Factors That Influence Retention
Several factors determine how smooth retention is:
Advisor tenure and trust: Long-term client relationships tend to transfer more easily.
Communication during the move: Clear, proactive messaging keeps clients confident.
Client type: HNW clients are more relationship-driven than transactional ones.
Firm policies: Protocol vs. non-protocol impacts process, but not necessarily outcomes.
How Advisors Can Maximize Retention
Plan early: Build a detailed communication plan for every client segment.
Emphasize continuity: Stress that service, access, and portfolios remain steady.
Leverage support: Use transition teams and compliance specialists to handle logistics.
Why the Myth Persists
Firms want advisors to feel captive. Fear of client loss is one of the strongest retention tools a firm has. In practice, advisors almost always retain their most important relationships—and many report even stronger loyalty after making a move.
Conclusion
The numbers don’t lie. Advisors who transition typically retain 75–90% of assets, provided they plan carefully and communicate effectively.
Next Step: Don’t let myths and fear define your career path. Evaluate your options with real data, and prepare your transition with confidence.
