Louis Diamond Quoted
By Bruce Kelly
The biggest firms continue to lose groups of financial advisers that have billions of dollars worth of assets under management. These advisers are moving because they want to set up their own shops so they can own a business or to work at smaller rivals where they’ll get more autonomy and a nice bump in pay.
“In terms of the number of people leaving the wirehouses, it seems like the numbers are down, likely because of anxiety around the protocol,” said Louis Diamond, an industry recruiter. “Advisers are afraid to leave. But it’s the size of the groups leaving that’s staggering.”