# Merrill vs. UBS: Comparing two wirehouses losing advisors

URL: https://www.financialadvsr.com/compare/merrill-vs-ubs
Updated: 2026-10-10
Publisher: Financial ADVSR (https://www.financialadvsr.com)

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.

## 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]

## Questions

**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.

Sources:
[1] Bank of America: Bank of America Second Quarter 2026 Earnings Press Release (https://d1io3yog0oux5.cloudfront.net/_115fc026bfee716099bb924d2923dd51/bankofamerica/db/806/10579/earnings_release/The+Press+Release_2Q26_ADA.pdf)
[2] Financial Planning: UBS advisor headcount falls (https://www.financial-planning.com/list/ubs-advisor-headcount-falls)
[3] InvestmentNews: UBS sees 2.2% decline in advisor headcount during the past 12 months (https://www.investmentnews.com/wirehouses/ubs-sees-22-decline-in-advisor-headcount-during-the-past-12-months/267602)
[4] UBS: UBS's second-quarter 2026 results (https://www.ubs.com/global/en/media/display-page-ndp/en-20260729-2q26-quarterly-result.html)
[5] AdvisorHub: 2026 COMP: Merrill Lynch Doubles 'Small Household' Threshold to $500K (https://www.advisorhub.com/2026-comp-merrill-lynch-doubles-small-household-threshold-to-500k/)
[6] AdvisorHub: 2026 COMP: UBS Rolls Out Advisor-Friendly Plan Amid Rise in Defections (https://www.advisorhub.com/2026-comp-ubs-rolls-out-advisor-friendly-plan-amid-rise-in-defections/)
[7] AdvisorHub: 2027 COMP: UBS Keeps Grid Steady, Sweetens Retention Program (https://www.advisorhub.com/2027-comp-ubs-keeps-grid-steady-sweetens-retention-program/)
[8] AdvisorHub: Exclusive: UBS Dangles 550% Recruiting Offers to Stem Advisor Exodus (https://www.advisorhub.com/exclusive-ubs-dangles-550-recruiting-offers-to-stem-advisor-exodus/)
[9] AdvisorHub: Merrill Seeks 'Momentum Change' With 400% Recruiting Deals–Sources (https://www.advisorhub.com/merrill-seeks-momentum-change-with-400-recruiting-deals-sources/)
[10] Wealth Solutions Report: Diamond Report Finds Accelerating Wirehouse Advisor Movement In H1 2026 (https://www.wealthsolutionsreport.com/diamond-report-finds-accelerating-wirehouse-advisor-movement-in-h1-2026/)
[11] Wealth Solutions Report: Diamond Report Finds Accelerating Wirehouse Advisor Movement In H1 2026 (https://www.wealthsolutionsreport.com/diamond-report-finds-accelerating-wirehouse-advisor-movement-in-h1-2026/)