September 24, 2021
Louis Diamond Quoted
By Jeff Berman

The number of brokers and Advisors at the four wirehouses — Bank of America Merrill Lynch, Morgan Stanley, UBS and Wells Fargo — has been declining for several years and is expected to continue dropping for the foreseeable future.

Louis Diamond, president of Diamond Consultants

Wirehouses keep losing reps for multiple reasons: “The new popularity of independents. [There’s] more support and resources and a proof of concept for Wirehouse Advisors that independence is a viable alternative.”

Also: “Companies like Raymond James and Stifel and RBC … more of these superregional firms really grew in popularity and, post-crisis, wirehouse advisors cared much less about the brand and instead wanted to work for companies that just treated the advisors better and that didn’t have negative reputations in the crisis.”

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