THE WEALTHADVISOR | OCTOBER 8, 2026
The WealthAdvisor examines findings from Diamond Consultants’ latest Advisor Transition Report, highlighting a significant shift in the wirehouse landscape. While the four major wirehouses lost a net 517 experienced advisors in the first half of 2026, the movement of some of the industry’s largest teams tells an even more revealing story.
According to the report, 41 teams managing at least $500mm left the wirehouses, including 20 teams managing $1B or more. The article explores why successful advisors with substantial businesses are increasingly willing to reconsider their firms and the opportunities available elsewhere.
The bigger story isn’t simply advisor attrition. It’s the willingness of some of the industry’s largest teams to rethink where and how they want to build their businesses.
Key takeaway from the article
Jason Diamond, President of Diamond Consultants, provides perspective on the changing competitive landscape, including the growing appeal of independence and the importance of flexibility, resources, and control. The article also examines how recruiting and attrition trends differ across Merrill Lynch, Morgan Stanley, UBS, and Wells Fargo.
