Wirehouses lose 517 experienced advisors in first half of 2026

Merrill, Morgan Stanley, UBS and Wells Fargo lost a net 517 advisors with at least three years of industry experience in the first half of 2026, according to Diamond Consultants. The firms lost a combined 302 experienced advisors during all of 2025.

A Cerulli Associates survey found that 57% of advisors ranked advanced technology among their top three factors when choosing a new firm. Fifty-four percent selected the amount and structure of compensation, while 48% chose greater independence from central-office control. Respondents could select up to three factors.

Technology can help advisors add services such as tax planning and lower the cost of existing services, according to Michael Rose, Cerulli’s director of wealth management. Advisors also prefer compensation policies that remain consistent from year to year.

“They feel like they have to kind of restructure the way they run their business to maximize their payout, and feel like they kind of have to jump from one foot to another to satisfy arbitrary hurdles that align with the corporate interests of the broker-dealer,” Rose said.

Recruiting packages and transition payments ranked below several other factors. Forty percent of respondents listed them among their top three reasons for choosing a new broker-dealer. These arrangements often take the form of forgivable loans. Diamond reported offers ranging from 350% to 425% of a team’s prior-year revenue.

Cerulli estimated that nearly 9% of advisors, who control more than $3 trillion in assets, could change firms in 2026. Diamond found that 46% of advisors leaving wirehouses moved to firms offering some form of independence, often through an independent-contractor model. Twenty-four percent moved to another wirehouse.

Large teams accounted for part of the departures. Forty-one practices managing at least $500 million left wirehouses in the first half of 2026, including 20 with at least $1 billion in assets under management.

Wirehouses remain associated with established brands, which 78% of Cerulli respondents listed as an advantage. Respondents also cited access to lending products, support for high-net-worth clients, research and technology among the firms’ leading services. Eighty-nine percent selected lending products, 84% selected high-net-worth support, and 80% selected research and technology.

Wirehouses have faced complaints about compliance requirements, pressure to sell products tied to their banking operations and changes in firm culture after acquisitions. Some advisors have criticized compensation formulas that include production or other performance thresholds.

Diamond compiles its transition figures from regulatory records, industry databases, company information and its own tracking of advisor moves. Estimating departures is difficult because wealth management firms generally do not disclose complete headcount data.