More and more advisors have shifted over to the RIA model in 2026, according to Trey Prescott, director of business development at Advisory Services Network.
Speaking to InvestmentNews at the Schwab IMPACT 2026 event in Boston, Prescott explained that ASN has had 28 launches so far this year, up from about 23 last year.
“The smallest group was about $10 million in fee-based AUM, the largest was about $300 million,” said Prescott. “We’re working on a deal right now that’s about $600 million to $700 million total.”
About a third of ASN’s 28 launches this year have involved firms that were formerly in the wirehouse environment, according to Prescott.
The Atlanta-based fiduciary RIA partners with firms that want independence. ASN also serves as a custodian for Charles Schwab, Fidelity, Pershing, Goldman Sachs, SEI, and AssetMark.
“We have advisors that are leaving the wirehouses … and leaving major broker dealers, who feel that they are being nickel and dimed,” said Prescott.
A recent report by recruiting and consulting firm Diamond Consultants found that wirehouse attrition at the big four Wall Street firms – Morgan Stanley, Merrill Lynch, Wells Fargo, and UBS, has been climbing in 2026.
The ASN director of business development said that he is seeing traction related to Fidelity’s recent $100 million custody minimum announcement.
“Since Fidelity made their announcement, we’re talking to 52 new groups,” he told InvestmentNews. “That’s all groups under $100 million … a lot of these groups are unbelievably great fits for us.”
The number of RIAs at the high end of the industry is also growing. Research released last week by Cerulli Associates said that the number of RIAs managing more than $5 billion in assets has almost doubled over the past five years, jumping from 194 to 343.
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