Tale of the tenure: These firms have been able to keep their advisors for decades

Even in an industry rife with mergers, acquisitions, and frequent advisor moves, there are plenty of firms out there keeping hold of their advisors for decades, according to the latest data from AdvizorPro.

“While advisor firm M&A is very often highlighted and there are a lot of advisors switching firms, there are also several firms that should be commended for having advisors remain at their firm for several years or even decades on average,” a spokesperson for AdvizorPro told InvestmentNews.

The research from AdvizorPro breaks down the firms with the longest-average tenure in terms of size. For companies with 100+ employees, Federated Investment Management Company, a Pittsburgh-based subsidiary of Federated Hermes, enjoys the longest average tenure, at a whopping 28 years and three months, followed by the Riverside Company, at 25 years and two months, Davis Selected Advisers at 23 years and four months, and Siguler Guff Advisers at 23 years.

Riverside co-CEO Stewart Kohl recently emphasized the importance of career longevity when he announced 11 senior promotions across the organization. “Over 60 of our colleagues have chosen to invest 15 or more years of their careers at Riverside,” he said, in a statement released earlier this month. “The impact and long tenure of many of these team members continue to drive value for our investors, portfolio companies and the broader Riverside team.”

For companies with 50 to 100 employees, San Francisco-based Parallax Volatility Advisers tops the chart, with an average tenure of 26 years and one month, followed by NCH Capital at 25 years, Aristeia Capital at 23 years and nine months, and Waud Capital Partners at 23 years and eight months.

In the 10 to 25 employee cohort, Wellesley, Massachusetts-based Fulham & Co. boasts an average tenure of 35 years, followed by Stanley-Laman Group at 34 years, Slater Investments at 32 years and four months, and Martingale Asset Management at 29 years and three months.

For companies with between five and 10 employees, Lafayette, California-based Gifford Fong Associates, has an average tenure of 38 years and three months, followed by Bown, Hanes & Co. at 29 years and two months, AIFAM Group at 25 years and three months, and Berman, Sosman & Rosenzweig CPAs at 25 years and one month, according to AdvizorPro.

Average tenures in the financial advice industry vary widely by sector, according to consulting firm Kehrer Group. In 2023 Kehrer Group, citing information from its proprietary database and the Financial Planning Association, Kehrer Group reported that advisors in financial institutions have an average tenure of five years and seven months, while advisors in wirehouses tend to stay for 12 years and seven months. However, advisors at national and regional broker-dealers have an average tenure of nine years and one month, while their counterparts at independent broker-dealers tend to stay for 11 years and eight months.

While plenty of advisors stay in their roles for a number of years, there is still turnover in the industry. In 2024 JD Power’s US Financial Advisor Satisfaction Study reported that, during their careers, 52% of independent advisors have worked for three or more firms. For employee advisors, this number drops to 28%, according to JD Power.