Mindy Diamond Quoted
RIA custodians, independent broker-dealers and non-wirehouse full-service brokers alike gave Stephen S. Brown and James P. Goetz the benefit of the doubt as they looked for a place to land after Merrill Lynch gave them their walking papers on Sept. 9, allegedly for selling away to their Rochester, N.Y.-based clientele.
With their high-net-worth clientele, Brown and Goetz were a good “get” for Stifel, says Mindy Diamond, chief executive of Diamond Consultants in Chester, N.J.
“I don’t think Stifel has another $2.5 billion team. Their average producer is around $700,000 to a million in production and I presume this team wouldn’t have joined them if they hadn’t been terminated.”