back to insights & resources
Merrill Lynch once had approximately 16,000 financial advisors working in their legacy branch offices. The number of advisors left is unknown because Merrill has chosen instead to publish total advisor headcount which includes legacy US Trust advisors (salary & bonus) and Merrill Edge advisors who work in the discount and self-direct channels. The true number could be approaching 12,000 (or less). What happened to 4,000 advisors?
Morgan Stanley has approximately 16,000 financial advisors. Before the 2008 merger, Morgan Stanley had 8,400 advisors, and Smith Barney had 12,000 advisors for a combined total of 20,400 advisors. What happened to 4,400 advisors?
UBS has approximately 6,100 U.S. financial advisors. When UBS bought Paine Webber in 2000, they had 8,500 financial advisors. What happened to 2,400 advisors?
Finally, Wells Fargo has approximately 12,500 financial advisors, down from 16,000 advisors when they acquired Wachovia Securities in 2008. What happened to 3,500 advisors?
The Big-4 have a sum total of 46,600 financial advisors which is 14,300 less from their high of 60,900 just 15 years ago.
According to Cerulli, approximately 37% of the industry’s financial advisors are going to retire over the next 10 years. That’s over 17,000 Big-4 Wirehouse advisors!
The Big-4 training programs have been de-emphasized over the past 5 years due to high costs and low graduation rates. Moreover, with senior financial advisors working from home, there isn’t anyone left to train or mentor new advisors.
Given this scenario, I ask my readers, “What’s the future for the Big-4?”
Feb 20, 2024
What’s the Future of the Big-4?
Morgan Stanley has approximately 16,000 financial advisors. Before the 2008 merger, Morgan Stanley had 8,400 advisors, and Smith Barney had 12,000 advisors for a combined total of 20,400 advisors. What happened to 4,400 advisors?
UBS has approximately 6,100 U.S. financial advisors. When UBS bought Paine Webber in 2000, they had 8,500 financial advisors. What happened to 2,400 advisors?
Finally, Wells Fargo has approximately 12,500 financial advisors, down from 16,000 advisors when they acquired Wachovia Securities in 2008. What happened to 3,500 advisors?
The Big-4 have a sum total of 46,600 financial advisors which is 14,300 less from their high of 60,900 just 15 years ago.
According to Cerulli, approximately 37% of the industry’s financial advisors are going to retire over the next 10 years. That’s over 17,000 Big-4 Wirehouse advisors!
The Big-4 training programs have been de-emphasized over the past 5 years due to high costs and low graduation rates. Moreover, with senior financial advisors working from home, there isn’t anyone left to train or mentor new advisors.
Given this scenario, I ask my readers, “What’s the future for the Big-4?”
Share