April 2, 2025
Diamond Consultants Transition Report Quoted
By Bruce Kelly
Wells Fargo Advisors, with close to 12,000 financial advisors, appears poised to have a successful year recruiting financial advisors, according to one recent industry report.
“Merrill Lynch and Wells Fargo currently offer two of the most aggressive recruiting deals on the street, and this is the first time since 2017 that all four major wirehouses are back in the game of competitive recruiting,” according to the report, which was published last month by Diamond Consultants and is titled “Financial Advisor Transition Report.”.
“More demand from deep-pocketed firms and investors eager to enter the space only serves to push deals higher or, at a minimum, keep them at current record levels,” according to the report.
“Merrill’s reputation has suffered among top advisors in recent years due to the perceived “bankification” of the firm, and Wells Fargo similarly has experienced diminished brand perception from clients and advisors alike, however both firms appear to be turning the page on advisor recruitment,” according to the report.
“Case in point, these two firms are paying top dollar to win recruits, and initial data from late 2024 and early 2025 indicates that these aggressive deals, coupled with platform enhancements, have led to some significant competitive recruiting wins,” according to the report.
