By David Wignall

In the annual competition for best wealth management firm to work for, Stifel and Commonwealth again took home the gold.

J.D. Power on Wednesday released its latest report on advisor satisfaction. The annual study includes two sets of rankings: One for employee advisors, who work directly for a firm, and another for independent advisors, who are affiliated with broker-dealers but run their own practices.

In the employee-advisor channel, Stifel ranked highest for the third straight year, with a score of 819 on a 1,000-point scale. Edward Jones placed second with a score of 729, followed by the employee unit of Raymond James (722).

Among independent advisors, Commonwealth took the top spot for the 12th year in a row, scoring 834. Raymond James' independent advisor unit placed second with a score of 741, and Cambridge came third (686).

J.D. Power based the rankings on six key metrics: compensation, firm leadership and culture, operational support, products and marketing, professional development, and technology. To complete its rankings, the company surveyed 3,698 employees and independent advisors from December 2024 through April 2025.

Advisors have long voiced strong loyalty to first-place-finisher Commonwealth, which recruiters say benefits from a tightknit culture and unusually low attrition. That may soon change: LPL Financial announced on March 31 that it would acquire the Waltham, Mass.-based firm, prompting a recruiting frenzy. LPL executives said they were "deeply committed" to maintaining Commonwealth's community, brand, and service.

In its report, J.D. Power also highlighted the severity of the advisor talent shortage. 46% of advisors said they are within 10 years of retirement, and more than a quarter are already 65 or older. As the advisor population ages and competition for talent intensifies, the need to keep the remaining population satisfied will become increasingly important.

"The wealth management industry is experiencing a significant generational shift in which the demographics, ways of working and priorities of both clients and advisors are changing rapidly," says Mike Foy, who leads J.D. Power's wealth management practice.

To retain young advisors, the report suggests that firms invest in AI tools and social media support. About a third of advisors under the age of 40 said AI should be their firm's top investment priority, and 45% of young advisors said social media should be a priority for investment.

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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July 16, 2025 14:41 ET (18:41 GMT)

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