In its latest annual study, J.D. Power surveyed nearly 3,700 financial advisors to assess satisfaction across both employee and independent advisor channels. According to Financial Planning, the 2025 results show a reshuffling at the top. The results also highlight significant gaps between firms competing for advisor loyalty during a generational transition in the industry.
Commonwealth Financial Network once again claimed the highest satisfaction rating in the independent advisor segment, continuing a 12-year streak. The firm posted a 2025 satisfaction index of 834, far exceeding the independent channel average of 629. Meanwhile, in the employee advisor space, Stifel retained the top spot for the third consecutive year with a score of 819. Financial Planning reports that this figure is more than 200 points above the employee average of 605.
These victories come as both firms actively leverage their performance. Stifel and Commonwealth issued public statements celebrating their rankings, signaling the importance of advisor satisfaction as a recruitment and retention tool. The rankings also underscore stark disparities in satisfaction across the industry. Merrill Lynch saw the steepest year-over-year decline among employee-channel firms, dropping 98 points to a satisfaction index of 559. Wells Fargo Advisors followed with a 69-point decline to 494, making it the lowest-rated among employees. By contrast, Morgan Stanley climbed 67 points to reach the channel average of 605.
In the independent channel, Osaic marked the largest improvement, rising 135 points from its 2024 score to reach 662. Wells Fargo Advisors Financial Network also rebounded, gaining 62 points, though it remained at the bottom of the list at 509. LPL Financial, set to acquire Commonwealth in a $2.7 billion deal, dropped 41 points to 576.
According to Financial Planning, the survey's results reflect deep undercurrents shaping the advisor workforce. J.D. Power found that 26 percent of surveyed advisors are at least 65 years old, and nearly half plan to retire within the next decade. As firms prepare for succession challenges and a shrinking talent pool, they face pressure to modernize technology, leadership, and professional development.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and preserve and protect their practices in any transition they make.
