Louis Diamond Quoted
By Hugh Son
Morgan Stanley, the world’s biggest brokerage by adviser count, has dropped out of an industry accord that allows financial advisers to defect to competitors without getting sued by their former employers.
“I’d be shocked if Merrill and UBS don’t follow suit,” said Louis Diamond of Diamond Consultants LLC. “Those are the firms that have the most to lose with this deal after they’ve all said they’re not recruiting as much.”
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
