December 13, 2021
Louis Diamond Quoted
By Jennifer Lea Read
A high-profile scuffle between a member of J.P. Morgan’s advisory group and its private bank group intensified last week when J.P. Morgan asked a U.S. District Court to require one of its former advisors, Gwen Campbell, to post a $10 million bond to cover any losses the bank might suffer should her request for a temporary restraining order—designed to protect her clients from internal poaching at the firm, she said—be granted.
“I’ve never had an advisor client where that’s happened to them, but a lot of advisors are paranoid about the possibility,” said Louis Diamond, president of Diamond Consultants, a recruitment firm for advisors at traditional brokerages and independent firms. “If it happened a lot, how could anyone ever move to a major firm with multiple channels?”