Wirehouses lost a net 517 experienced advisors in first half of 2026, Diamond says

What happened

The four wirehouses tracked by Diamond Consultants, Merrill Lynch, Morgan Stanley, UBS and Wells Fargo, lost a net 517 experienced advisors in the first half of 2026, according to Diamond's report. The firms lost 1,449 advisors and recruited 932.

Diamond counts only advisors with more than three years of service who register with a new firm, and it excludes retirements.

The first-half loss exceeded the wirehouses' combined net loss for the whole of 2025, which InvestmentNews put at 302. InvestmentNews reported on 8 October 2026 that the 2026 figure annualises (the six-month total projected over a full year) to 1,034, more than three times last year's total.

The losses were concentrated. Merrill Lynch had a net loss of 404 advisors and UBS a net loss of 182, according to the report. Morgan Stanley gained a net 23 and Wells Fargo a net 46, the latter including its independent FiNet channel.

For UBS, Diamond cited culture, ease of doing business and an outdated platform, and questions over its commitment to US wealth management.

Merrill's number carries a caveat. Over 100 of its departing advisors went to J.P. Morgan, which the report treats as bank advisors, not among those it tracks. The reports reviewed did not make clear how those moves affect the 404 figure.

Diamond also counted 41 teams managing US$500m or more that left a wirehouse in the period, 20 of them managing US$1bn or more. Twelve of the 41 moved to another wirehouse.

On destinations, 46 per cent of departing advisors chose an independent advisor model, against 24 per cent who joined another wirehouse.

Fifty-four per cent chose W-2 employee models (salaried employment rather than independent affiliation), and Raymond James, Rockefeller Capital Management and RBC Wealth were the biggest beneficiaries of those moves, according to Diamond. More than 200 unique firms recruited wirehouse advisors.

The figures are Diamond's own. InvestmentNews reported that wirehouse executives, speaking privately, questioned the accuracy of such reports while acknowledging fierce competition for advisors. Wealth Solutions Report, dated 9 October 2026, carries the same headline numbers.