Howard Diamond Quoted
By Kenneth Corbin
Now that the Department of Labor has offered extended guidance on its fiduciary rule, wirehouses, regional broker-dealers, independent BDs and other regulated entities will need to revise their payout grids, with the very real possibility that advisers will see their compensation drop.
“Question nine, at least on its face, permits the use of grids — as long as firms and advisers make recommendations that continue to be in the best interest of their clients and the amounts are reasonable,” says Howard Diamond, chief operating officer and general counsel at Diamond Consultants, an adviser recruiting and consulting firm based in Morristown, N.J.
