diff --git a/accounts/manager.go b/accounts/manager.go
index cbe4f7c79d..acc727f20a 100644
--- a/accounts/manager.go
+++ b/accounts/manager.go
@@ -66,15 +66,16 @@ type Manager struct {
 func NewManager(config *Config, backends ...Backend) *Manager {
 	// Retrieve the initial list of wallets from the backends and sort by URL
 	var wallets []Wallet
-	for _, backend := range backends {
-		wallets = merge(wallets, backend.Wallets()...)
-	}
+
 	// Subscribe to wallet notifications from all backends
 	updates := make(chan WalletEvent, managerSubBufferSize)
 
 	subs := make([]event.Subscription, len(backends))
+
 	for i, backend := range backends {
 		subs[i] = backend.Subscribe(updates)
+
+		wallets = merge(wallets, backend.Wallets()...)
 	}
 	// Assemble the account manager and return
 	am := &Manager{