Louis Diamond Quoted
By Andrew Welsch and Jessica Mathews
Wells Fargo’s brokerage ranks continue to shrink, indicating that a long-running decline in advisor numbers has yet to come to an end.
Louis Diamond, a recruiter at Diamond Consultants, who has worked with Wells Fargo, anticipates the number of advisors exiting will slow down.
“Obviously the data tells a different story, but I think a lot of people that were negatively affected by the banking scandals … have already left,” Diamond says.
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
