April 15, 2025
Jason Diamond Quoted
By Tobias Salinger
The megabanks tend to reward their CEOs more handsomely than the comparatively smaller wealth management giants, but their annual meetings attract more attention from shareholder groups raising objections to the companies’ executive compensation packages. And advisors are more likely to notice the pay for specific wealth management leadership roles, such as Morgan Stanley’s Andy Saperstein and Citi’s Andy Sieg, than the amount provided to the overall CEO, according to Jason Diamond, an executive vice president and senior consultant with advisor recruiting firm Diamond Consultants.
“It is probably not something that advisors point to when leaving or joining a firm, but I think it contributes to what a lot of times advisors will describe as a cultural mismatch,” Diamond said. The massive pay number for the C-suite and other high-level roles at publicly traded firms reflects whether the company has “stable, solid leadership that’s done a good job with your stock price,” he noted. In other words, the figures turn advisors’ heads, but only sometimes.
“They care to the extent that they need to care. Some CEOs take a pretty hands-off approach to wealth management,” Diamond said. “Advisors care about the people who impact their business and the people who have a voice in their business.”
