Stifel and Commonwealth Financial Network have once again secured top honors in J.D. Power’s latest U.S. Financial Advisor Satisfaction Study, reinforcing their reputations as premier destinations for wealth management professionals.
The 2025 survey, released Wednesday, distinguishes between employee advisors—those directly employed by a firm—and independent advisors affiliated with broker-dealers but operating their own practices. For the third consecutive year, Stifel ranked highest among employee advisors, earning an impressive satisfaction score of 819 out of 1,000. Edward Jones followed with a score of 729, while Raymond James’ employee channel placed third at 722.
Among independent advisors, Commonwealth continued its dominance for the 12th year running, achieving a score of 834. Raymond James’ independent arm came in second with 741 points, and Cambridge Investment Research rounded out the top three with 686.
The J.D. Power rankings are based on six critical performance drivers: compensation, leadership and culture, operational support, products and marketing, professional development, and technology. The 2025 study collected feedback from 3,698 employee and independent advisors between December 2024 and April 2025.
For RIAs and advisors evaluating strategic partnerships, Commonwealth’s stronghold reflects more than just service quality. Its boutique culture, reputation for advisor autonomy, and minimal attrition have made it a perennial favorite. However, with LPL Financial’s pending acquisition of Commonwealth—announced March 31—the independent channel is bracing for disruption. While LPL has publicly affirmed its intention to preserve Commonwealth’s brand and service model, the deal has already triggered a wave of recruiter outreach and competitor interest.
Stifel’s continued success in the employee-advisor channel reinforces its appeal as a full-service platform that combines scale with personal touch. The firm’s consistently high marks across leadership, compensation, and operational support suggest a well-integrated culture that resonates with advisors who prefer a W-2 model.
The study also underscores a critical industry-wide issue: the accelerating advisor talent shortage. Nearly half (46%) of surveyed advisors indicated they are within a decade of retirement, and more than 25% are already over 65. As advisory firms navigate succession planning and rising client expectations, talent retention and development have become central to strategic planning.
“The wealth management industry is in the middle of a profound generational handoff,” said Mike Foy, head of J.D. Power’s wealth management division. “The demographics, work styles, and priorities of both clients and advisors are shifting rapidly.”
Notably, younger advisors—especially those under 40—are pushing firms to modernize. One in three next-gen advisors ranked AI investment as their firm’s top priority, while 45% called for stronger support for social media tools and strategy. As firms compete for digital-native talent and a more tech-savvy client base, platforms that integrate emerging technologies and digital engagement solutions are better positioned to retain high-potential advisors.
For wirehouse breakaways and RIAs evaluating their future affiliation model, the 2025 rankings offer clear signals: firms that invest in advisor-centric platforms, foster authentic culture, and innovate around digital tools are seeing the strongest loyalty. Whether operating in an employee or independent channel, the message from the advisor community is consistent—support matters, and culture counts.
