Wirehouses lost 517 experienced advisors on net in H1; Wells Fargo, Morgan Stanley gained
Diamond Consultants counted 1,449 departures against 932 recruits in the first half of 2026.
At a glance
Merrill Lynch, Morgan Stanley, Wells Fargo and UBS shed 517 experienced advisors on net in the first half of 2026, according to Diamond Consultants' transition report.
Wells Fargo and Morgan Stanley finished the half as net winners, so the combined net loss at Merrill Lynch and UBS is larger than 517.
Diamond also counted 41 large teams leaving the four firms during the first half, without saying how many advisors those teams carried or how much client money left with them.
Merrill Lynch, Morgan Stanley, Wells Fargo and UBS shed 517 experienced advisors on net in the first half of 2026, according to Diamond Consultants' transition report. The total comes from 1,449 departures and 932 recruits across the four firms.
Wells Fargo and Morgan Stanley finished the half as net winners, so the combined net loss at Merrill Lynch and UBS is larger than 517.
Diamond also counted 41 large teams leaving the four firms during the first half, without saying how many advisors those teams carried or how much client money left with them.
The 932 recruits average about 155 experienced advisors a month across the four firms over the six months.
Save this analysis and keep the funds you follow together in My Desk.
Sign in to save articles or follow funds.
The CloseGoldman Sachs survey finds alternatives owners satisfied while unfamiliar investors see high risk
The CloseFidelity extends $100 million custody minimum to 986 existing RIA relationships
Deals & PE