The effect of smaller recruitment deals and retention packages locking in top advisors is being felt among the major brokerage firms.

Fewer wirehouse advisors switched firms in September than in previous months, according to Discovery Database. In September 380 wirehouse advisors switched firms, compared with 434 in August and a staggering 990 in July.

Of the advisors that switched firms in September, 32% moved to another wirehouse firm, while 17% went independent. In August, 26% of the wirehouse advisors who changed firms moved to another wirehouse, while 16% went independent.

Danny Sarch, an industry recruiter based in White Plains, N.Y., says there was plenty of movement earlier this year because advisors were so dissatisfied with their firms. “People were moving just to get the check or to get away from their current firm,” he says. However, as the dust has settled that movement has slowed, Sarch adds.