January 24, 2022
Louis Diamond Quoted
By Diana Britton
Waltham, Mass.–based independent broker/dealer Commonwealth Financial Network has confirmed that it recently shifted the way it structures the deals it gives prospects as an incentive to join the firm. It now offers forgivable notes based on an advisor’s asset levels, rather than a percentage of production, which has historically been the norm.
“I think part of it is keeping up with the Joneses,” said Louis Diamond, president of Diamond Consultants. “LPL is obviously a major competitor to any of these broker/dealers that are recruiting, so in part, LPL kind of set the market and others kind of have to follow.”