May 12, 2017
Mindy Diamond Quoted
By Andrew Welsch
Merrill Lynch plans to scale back from adviser recruiting, mirroring a move that UBS took last year and creating an opening for smaller rivals to gain an edge in the competition for top talent.
UBS has not completely pulled back from recruiting; it still hires top talent, but selectively.
It isn’t clear if Wells Fargo and Morgan Stanley will copy Merrill’s example.
“I think they’ll see it as a tremendous opportunity,” says Mindy Diamond, a recruiter in Morristown, New Jersey. “I’d be shocked if they followed suit.”