December 15, 2020
Louis Diamond Quoted
By Gary Stern
A new White House administration might make it easier for financial advisors to switch employers. President-elect Joe Biden has signaled in the past that his administration would go after noncompete and no-poach clauses that are ubiquitous in financial advisory contracts.
Several sources contacted by RIA Intel recommend a wait and see approach. Louis Diamond, an EVP with Diamond Consultants, a Morristown, N.J.-based recruiting and consulting firm, specializing in the financial industry, says it’s difficult to predict the effect of potential changes in financial employment contracts because “the devil is in the details.”
Diamond questions if proposed adjustments will apply to “only new agreements or existing ones and what the loopholes are.”