At a glance
- The total comes from 1,449 departures and 932 recruits across the four firms.
- 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.
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.
Reported by PWD Editors from Diamond Consultants H1 2026 experienced-advisor transition report and PWD coverage of the Diamond Consultants transition data. Published . Updated Oct 28, 2026 · 2:57 p.m. ET. Corrections