Wells Fargo Lands $2.1 Billion Team From Merrill Lynch in Largest Move of 2026

The Houston-based team marks Wells' aggressive push to rebuild its advisor ranks after years of attrition.

Wells Fargo has recruited a $2.1 billion advisory team from Merrill Lynch, marking the largest single team transition of 2026 and signaling the firm's aggressive efforts to rebuild its financial advisor force after years of persistent net attrition that followed the bank's well-publicized scandals.

The Houston-based team, led by a veteran advisor with more than 25 years of experience serving ultra-high-net-worth families in the energy sector, represents exactly the type of high-value addition that Wells Fargo has been pursuing under its renewed recruiting strategy. The move brings approximately $2.1 billion in client assets and annual production estimated at more than $10 million.

Details of the Transition

The transition involves a five-person advisory team that had been affiliated with Merrill Lynch for more than 15 years. The team specializes in serving multigenerational energy families, many of whom have significant private wealth tied to oil and gas interests in the Permian Basin and other producing regions.

"Wells Fargo offered us a compelling platform and the resources to serve our clients at the highest level," said the team lead in a statement. "After careful consideration of multiple options, we felt this was the right move for our practice and our clients. The combination of banking capabilities, private wealth resources, and investment platform creates a strong value proposition."

Sources familiar with the transition indicate that Wells Fargo offered a recruiting package in the range of 350% of trailing production, consistent with current wirehouse market rates for teams of this caliber. The package reportedly includes significant upfront cash, structured payments over a nine-year period, and additional production-based incentives.

Wells Fargo's Recruiting Renaissance

The successful recruitment marks a significant milestone in Wells Fargo's efforts to transform its wealth management reputation. The bank's advisor force declined substantially following the 2016 fake accounts scandal, with the firm experiencing persistent net attrition as advisors departed for competitors or independent channels.

Under current leadership, Wells Fargo has implemented a multi-pronged strategy to reverse the outflow. The firm has invested heavily in technology platforms, enhanced its private banking capabilities, and implemented more competitive compensation and recruiting packages. Perhaps most importantly, the firm has worked to repair its cultural reputation, implementing compliance reforms and emphasizing client-centric values.

CEO Charlie Scharf has cited improving advisor hiring and reduced attrition as key priorities for the wealth management division. Recent quarters have shown improvement in these metrics, with the firm reporting net positive advisor additions in three of the past four quarters—a significant reversal from the consistent losses of prior years.

Competitive Implications

The recruitment of a team of this size and quality from Merrill Lynch sends a message to the broader market that Wells Fargo is once again a viable destination for top-tier advisors. For years, the firm's reputational challenges made it difficult to attract established producers, even with aggressive financial packages.

Merrill Lynch, meanwhile, faces its own challenges in retaining top talent. The Bank of America-owned wirehouse has seen significant departures in recent years, particularly among its highest-producing advisors. The firm's restructuring of its private banking and investment management services has created uncertainty that competitors have sought to exploit.

"This is a statement recruitment for Wells Fargo," said one industry recruiter who works with wirehouse advisors. "When you can take a $2 billion team from a competitor, it demonstrates that you're back in the game. Other advisors notice, and it creates momentum."

The Houston Market

The team's focus on energy sector clients in Houston positions Wells Fargo favorably in one of the nation's wealthiest metropolitan areas. Houston is home to numerous energy company executives, entrepreneurs, and family offices whose wealth creation has been driven by the oil and gas industry.

This client segment requires specialized expertise in areas including concentrated stock positions, commodity hedging, private company liquidity events, and family governance. Wells Fargo's private bank capabilities, including lending and trust services, are particularly relevant for these complex wealth situations.

The acquisition also gives Wells Fargo a stronger competitive position against regional and boutique firms that have been aggressive in the Houston market. Firms like Snowden Lane, Steward Partners, and Rockefeller Capital have all recruited significant teams from wirehouses in the Texas market in recent years.

Looking Ahead

The successful recruitment is expected to fuel additional recruiting momentum for Wells Fargo. The firm has indicated that it plans to continue investing in advisor recruiting while also focusing on organic growth among its existing advisor force.

For the departing Merrill Lynch team, the move represents a calculated bet that Wells Fargo's platform and resources will enable them to better serve their existing clients while also pursuing growth opportunities. Energy sector wealth is expected to remain robust given commodity price environments and continued consolidation activity in the industry.

Industry observers will be watching closely to see how much of the team's assets successfully transfer to Wells Fargo—a key metric that will determine the ultimate success of the recruitment. With client relationships built over decades, the team is expected to retain the substantial majority of assets, though some attrition is typical in any transition.