Staffing & Culture | 10.08.26

Wirehouses Lost 517 Advisors in First Half of 2026

by: Diana Britton

Wirehouses lost 517 advisors on a net basis in the first half of 2026, according to the latest Advisor Transition Report from Diamond Consultants. Merrill and UBS posted the largest net losses, while Morgan Stanley and Wells Fargo gained advisors. The movement included 41 teams managing at least $500 million, including 20 managing $1 billion or more. Independent firms attracted 46% of departing advisors, while 24% moved to another wirehouse. Overall, 76% left the wirehouse channel, highlighting increasing competition from independent platforms, registered investment advisors and alternative wealth-management models.

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