August 13, 2025
Louis Diamond Quoted
By Karmen Alexander
Headcount at UBS’s Americas wealth unit, which includes a small number of advisors in Canada and Latin America, fell by a net 229 brokers, or almost 4% year-over-year, to 5,773. That represents an increase in the rate of defections after headcount was down 3% year-over-year in the first quarter.
Although advisor moves often accelerate industry-wide in the second quarter—partly because some advisors wait until after tax season or until deferred compensation is paid in February or March—UBS’s situation appears more acute, according to industry recruiter Louis Diamond of Diamond Consultants.
“It definitely feels like what’s going on with UBS is different,” said Diamond, who has helped competitors hire from the wirehouse.
A source close to the firm said that it has hired over 30 advisors or teams this year so far. In June, it hired a Morgan Stanley broker managing $700 million in assets in Houston.
Still, Diamond noted that attrition often comes in waves, and momentum can build when large teams start to leave.
“It becomes like a snowball rolling down a hill where it picks up more and more momentum and speed,” Diamond said. “I feel like this trend of big teams leaving is going to continue and then I think it can accelerate.”
