July 9, 2021
Louis Diamond Quoted
By Mark Schoeff Jr.
An executive order President Biden signed Friday afternoon could make it easier for financial advisers to switch firms and harder for financial institutions to merge.
The executive order is designed to promote competition in the economy and encompasses 72 initiatives across a dozen federal agencies, according to a White House fact sheet.
“The vast majority of W-2 advisers have some sort of noncompete or non-solicit in their contracts,” said Louis Diamond, president of Diamond Consultants, an adviser recruiting firm. “Removing some of these restrictions could be a net positive to adviser movement.”