Skip to content
Saturday, October 24, 2026 · Today’s edition, 6:30 a.m. ETSat, Oct 24 · 6:30 a.m. editionSign inMy Desk 0EditionsSign in
DataBy the NumbersThe Signal

UBS and Merit pull away in advisor talent race

The 30-day activity log shows two scale models pulling away while the middle shrinks.

At a glance

  1. UBS counted 173 tracked events over the past 30 days, nearly 50% more than any other firm in PWD's data, while Merit Financial Advisors, a relatively low-profile RIA platform, registered 119 events of its own.
  2. UBS remains the W-2 machine, and its new Irvine hub plus the import of a $1.4 billion Bernstein team bets that the athlete-and-entertainer client network travels with the advisors.
  3. Behind them, the embedded-distribution platforms that led earlier this year are now chasing: OneDigital and MAI Capital each logged 97 events, Farther 94, OpenArc Corporate Advisory 88, and Tastytrade 65.

Two firms have pulled to the top of the advisor talent market on opposite answers to the scale question, and the 30-day numbers make the split unusually stark. UBS counted 173 tracked events over the past 30 days, nearly 50% more than any other firm in PWD's data, while Merit Financial Advisors, a relatively low-profile RIA platform, registered 119 events of its own. The two now lead the market by a wide margin, and they represent opposite bets on how to win it.

UBS remains the W-2 machine, and its new Irvine hub plus the import of a $1.4 billion Bernstein team bets that the athlete-and-entertainer client network travels with the advisors. Merit is a tuck-in aggregator, buying RIAs and folding their advisors into a platform that offers equity, autonomy, and a payday instead of a balance sheet, compliance umbrella, and brand. That both models sit atop the leaderboard suggests scale itself has become the decisive recruiting advantage.

Behind them, the embedded-distribution platforms that led earlier this year are now chasing: OneDigital and MAI Capital each logged 97 events, Farther 94, OpenArc Corporate Advisory 88, and Tastytrade 65. Those totals remain substantial, but the gap to the top two is widening, and NewEdge Wealth's 51 events and LPL Financial's 43 add to a market that is consolidating around a few large platforms.

Most active firms in talent and deal activity, past 30 days

  • UBS173 events
  • Merit Financial Advisors119 events
  • OneDigital97 events
  • MAI Capital Management97 events
  • Farther94 events
  • OpenArc Corporate Advisory88 events
  • Tastytrade65 events
  • NewEdge Wealth51 events
  • LPL Financial43 events
Source: PWD tracking · past 30 days
Show as table
ItemValue (events)
UBS173 events
Merit Financial Advisors119 events
OneDigital97 events
MAI Capital Management97 events
Farther94 events
OpenArc Corporate Advisory88 events
Tastytrade65 events
NewEdge Wealth51 events
LPL Financial43 events

The aggregate numbers run the same direction. Over the past 30 days, 1,257 advisor moves against 729 deal announcements produce a ratio in which hiring is outpacing acquisitions, and the 124 team liftouts dwarf the 11 breakaways. The action sits in whole teams moving from one established platform to another, and the overall movement, while up, is directed toward fewer destinations.

Merit's rise to the top of the leaderboard is the pattern worth watching. The firm has quietly aggregated RIAs for years, but a 119-event month suggests it has shifted gears, announcing tuck-ins at a pace that rivals the largest employee-channel recruiters. That a firm of its profile can out-log OneDigital, MAI, and Farther makes the point that the talent war now rewards the most credible scale story over the flashiest brand.

For UBS, the Irvine hub and the Bernstein team import are part of a broader play to own the high-end client segment; for Merit, aggregation offers something UBS cannot, an exit for founders and continuity for their teams. The two paths are not mutually exclusive, since some advisors will always prefer W-2 security and others equity upside, but the 30-day data suggests both models are winning at the expense of the middle ground.

The midpoint is shrinking for everyone else. OneDigital and MAI are still moving talent, but at 97 events each they are no longer setting the pace, which leaves the strategic question of whether to double down on embedded distribution or pivot toward more aggressive hiring and aggregation. The data does not say which strategy wins; it says the window for choosing is closing.

The arithmetic of the past month — 1,257 moves and only 11 breakaways — marks the end of the breakaway era. What remains is a structured competition between the employee channel and the aggregator, with UBS and Merit as the standard-bearers, and every other firm now has to decide which side of that divide it wants to be on.

Reported by the Numbers desk from PWD internal tracking. Published . Corrections

Related

By the Numbers

Recruiting's center of gravity has moved downstream

Advisor moves outnumber breakaways 214 to one, and the firms absorbing the traffic are retirement-plan platforms.

By the Numbers

Tastytrade and MissionSquare just joined the advisor talent war

Two non-RIA businesses cracked the top ten most active firms in wealth management, and that widens the shortlist of who can credibly buy an advisor team.

By the Numbers

Four independents logged 495 events to UBS's 205

Announced deals outnumber closings 2.6 to one, and the busiest non-wirehouse buyers are the obvious next targets.

By the Numbers

43% of investors unlikely to switch for better AI tools

Resistance to switching over better digital tools rose 8 points, and trust in advisors as a primary source rose to 52%, a KPMG/SIFMA study found.

By the Numbers

Merrill lifts 2027 growth bar to $7.5M as RBC hires $1B UBS team

Merrill's core grid stays flat, so extra pay sits behind the $7.5 million threshold and four-household target, Financial Planning reports.

Private Wealth DailyThe morning edition

The private wealth industry in four minutes, every morning at 6:30 a.m. ET. Free.

Free. Every morning. Unsubscribe from any edition in one click.

From other sections