January 11, 2021
Louis Diamond Quoted
By Miriam Rozen
Recent legal actions have focused attention on wirehouses’ deferred compensation plans, a persistent source of discontent for some financial advisors, according to recruiters.
In late December, a new lawsuit targeted Morgan Stanley’s deferred compensation practices, challenging its policies which defer as much as 15% of top-earning advisors’ pay, according to the allegations.
“It makes it so that a lot of advisors feel like they have golden handcuffs, where, if they leave, they’re leaving behind a ton of money that they’ve earned, and that doesn’t feel right,” says Louis Diamond, executive vice president and senior consultant at Morristown, N.J.-based Diamond Consultants, according to the allegations.
