Firms compared · Updated October 10, 2026
Merrill vs. UBS: Comparing two wirehouses losing advisors
The short answer
Merrill reported $4.1 trillion in client balances at June 30, 2026, compared with about $2.4 trillion in client assets at UBS's Global Wealth Management Americas, which had 5,644 advisors. Both lost experienced advisors on net in the first half of 2026, Merrill 404 and UBS 182, according to Diamond Consultants. Merrill's 2026 cash grid runs from 34% to 51% with reduced pay on households under $500,000, while UBS's 2026 plan tops out at 60% for $20 million producers. UBS's March 2026 recruiting offers reached 550% of trailing revenue; Merrill's last reported top offer was 400%, in December 2023.
Wirehouse
- Merrill client balances · Jun 2026
- $4.1 trillion1
- Merrill assets under management · Jun 2026
- $1.8 trillion1
- Net change in experienced wirehouse advisors, first half 2026 (Diamond Consultants) · Jun 2026
- -40410
- Parent company
- Bank of America Corp.1
- Ownership
- Public, through parent (NYSE: BAC)1
- Business segment
- Global Wealth & Investment Management12
How advisors affiliate
Full Merrill profile and news →Wirehouse
- Financial advisors, Global Wealth Management Americas · Jun 2026
- 5,6443
- Client assets, Global Wealth Management Americas · Jun 2026
- about $2.4 trillion2
- Net change in experienced wirehouse advisors, first half 2026 (Diamond Consultants) · Jun 2026
- -18211
- Parent company
- UBS Group AG (Zurich, Switzerland)4
- Ownership
- Public (SIX and NYSE: UBS)4
- Business unit
- Global Wealth Management Americas4
How advisors affiliate
Full UBS profile and news →Key differences
- Size: Merrill reported $4.1 trillion in client balances and $1.8 trillion in assets under management at June 30, 2026. UBS's Global Wealth Management Americas reported about $2.4 trillion in client assets and 5,644 advisors on the same date.1,2,3
- Ownership: Merrill is part of Bank of America (NYSE: BAC). UBS Wealth Management USA belongs to Zurich-based UBS Group AG, listed on the SIX and NYSE.1,4
- Payout grid: Merrill kept its 34% to 51% standard cash grid for 2026. UBS's 2026 plan set a top rate of 60% for producers at $20 million or more and paid a $1 million producer 49.5%; UBS left that grid unchanged for 2027.5,6,7
- Small households: Merrill's 2026 plan pays 20% on households with $250,000 to $500,000 and nothing on households under $250,000. UBS's 2027 changes focus instead on easier-to-earn growth awards for net new money and new relationships.5,7
- Recruiting: UBS offered up to 550% of trailing-12-month revenue with a 16-year commitment starting in March 2026. Merrill offered up to 400% with a nine-year commitment to $5 million-plus teams, AdvisorHub reported in December 2023.8,9
- Advisor movement: Diamond Consultants counted net losses of 404 experienced advisors at Merrill and 182 at UBS in the first half of 2026.10,11
Which pays advisors more, Merrill or UBS?
Reported grid ranges differ by plan year and design. Merrill's 2026 standard cash grid runs from 34% to 51%, with reduced or no pay on smaller households. UBS's 2026 plan pays a $1 million producer 49.5% and tops out at 60% for $20 million producers. Neither figure includes all deferred pay or awards.
Is Merrill bigger than UBS?
By client assets, yes. Merrill reported $4.1 trillion in client balances at June 30, 2026; UBS's Americas wealth unit reported about $2.4 trillion. UBS reported 5,644 advisors; Bank of America doesn't publish a current Merrill headcount.
Are advisors leaving Merrill and UBS?
On net, yes, in the first half of 2026. Diamond Consultants counted Merrill down 404 experienced advisors and UBS down 182. UBS's Americas advisor headcount was 5,644 at June 30, 2026, down 2.2% from a year earlier.
Built only from each firm’s sourced Financial ADVSR profile; figures carry their own as-of dates and may measure different things at each firm. Not investment or career advice. Spot an error? Tell the editors.