Wirehouses Lost 517 Advisors in First Half of 2026, according to Diamond Consultants’ latest Advisor Transition Report. The study tracked movements among the four major wirehouses—Merrill Lynch, Morgan Stanley, UBS and Wells Fargo—and found a net decline of 517 advisors between January and June.
Net Loss Highlights Shift in Advisor Environment
The report recorded 1,449 experienced advisors exiting the four firms, while 932 joined them. This net loss exceeds the total decline recorded for all of 2025, suggesting an accelerating churn rate. The raw headcount, however, does not capture the scale of assets that changed hands.
Among the departures, 41 teams managed at least $500 million in assets. Twenty of those teams oversaw $1 billion or more, and twelve moved to another wirehouse. Large-scale migrations of this sort can reshape the distribution of client assets across the industry.
Firm-by-firm results varied. Merrill Lynch saw a net loss of 404 advisors, while UBS shed 182. In contrast, Wells Fargo added 46 and Morgan Stanley gained 23 advisors during the same period. Morgan Stanley’s steady performance aligns with its historical ability to limit attrition and attract new talent.
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Wells Fargo emerged as the biggest winner, benefiting from a flexible affiliation model that lets advisors shift between employee and independent status without leaving the firm. The report counted an additional 135 advisors moving within Wells Fargo’s channels, which shows the appeal of internal mobility.
Independent Moves Outpace Wirehouse Retention
Overall, 46% of advisors who left the four wirehouses chose an independent affiliation, while only 24% moved laterally to another wirehouse. This marks a sharp decline from 2025 and represents the highest share of independent transitions recorded for the sector.
Employee-type moves still dominated, with 54% of departing advisors taking W-2 positions at firms such as Raymond James, Rockefeller Capital Management and RBC Wealth. More than 200 firms recruited at least one wirehouse advisor in the first half of 2026, reflecting a broadened marketplace for talent.
For advisors, the expanding choice set translates into greater negotiating power. When a sizable portion of the workforce can pivot to independent broker/dealers or hybrid RIAs, wirehouses may need to adjust compensation structures and support services to retain high-performers.
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Diamond Consultants’ president, Jason Diamond, noted that the culture at Merrill Lynch has shifted since its acquisition by Bank of America, describing the current environment as “bureaucratic” with pressures to cross-sell. He added that even after removing the roughly 100 advisors who moved to J.P. Morgan, the net outflow remains significant.
UBS, while not losing the most advisors, suffered the steepest proportional decline because of its smaller base. Jason Diamond attributed the loss to cultural issues, an outdated platform, and questions about the firm’s commitment to U.S. wealth management.
Broader Market Activity
Industry data shows that more than 11,000 advisors switched firms in 2025, a movement driven by acquisitions, larger transition deals and the growth of flexible affiliation models. This situation set the stage for an even higher level of activity in the first half of 2026, according to the latest transition analysis.
Factors Influencing Wirehouse Retention
Data indicates that 76% of advisors who moved in the first half of 2026 exited the wirehouse channel altogether, which shows the magnitude of the shift toward independent and hybrid structures.