Howard Diamond Quoted
By John Aidan Byrne
Merrill Lynch’s Thundering Herd is having a huge crisis of confidence.
“That’s the rub, isn’t it? When BofA acquired Merrill, they came in and wanted bankers to sell Merrill products and Merrill advisers to sell bank products,” said industry headhunter Howard Diamond, who has recruited advisers from Merrill. “Merrill was becoming a bank-controlled firm. That was definitely the rub to the old hard-core advisers.”
UBS is increasing its recruiting efforts, offering top advisors deals of up to 550% of annual revenue while targeting experienced private bankers.
Advisors at some of the largest firms in the country are leaving, and not in a trickle. In 2024 alone, more than 9,600 experienced advisors changed firms, according to industry data from Diamond Consultants.
June 12, 2026Louis Diamond QuotedBy Andrew Cohen Median compensation for financial planners reached $195,000 in 2025, marking a 15% year-over-year
