Veillette said he and Donato looked into switching firms after the fallout of the 2008 financial crisis.

Holzer has worked in the securities business since 1981, often switching firms every few years, according to regulatory documents.

He started a consulting firm and now counsels advisers who are thinking about moving to a new job or switching firms.

The agreement allows brokers to bring very limited information when switching firms, but only if both firms involved in the transition participate.

Still, 17 percent reported switching firms in the last three years, with seven in 10 of those joining an existing firm.