Wirehouse recruiting packages reach up to 425% of revenue, Diamond report says

Employee-model recruiting packages reached as much as 425% of trailing revenue in the first half of 2026, according to Diamond Consultants' first-half transition report. That is the top of the range Diamond reports rather than a typical offer.

In dollar terms, 425% of trailing revenue works out to roughly $21 million for a practice producing $5 million a year, or about $8.5 million for a producer at $2 million. Those are calculations on Diamond's reported ceiling, not terms from any specific deal.

The same report counted 1,449 experienced-advisor departures and 932 recruits across Merrill, Morgan Stanley, UBS and Wells Fargo in the six months, a net decline of 517 experienced advisors. Diamond counted a net loss of 302 experienced advisors at the four firms in all of 2025, so the first-half figure already exceeds that full-year total.

Indivisible, the platform launched by former Merrill executives, added a Baltimore team with $1.1 billion from RBC. The group operates as Rosenwald Private Wealth and is at least the ninth practice to join Indivisible since its early-2025 launch, according to our tracking.

Wells Fargo's FiNet recruited Orchard Financial Group, a Los Angeles team that moved from Ameriprise with $580 million in assets and $4.3 million in annual revenue, according to a spokesperson for the hiring firm. Michael Kawase, Eric Smutko, Audre Schmedes and Anthony Perez made the move, our tracking shows.