Mindy Diamond Quoted
By Megan Leonhardt
Over 20 percent of Barclays advisors have departed since Stifel Financial announced it would acquire the U.K. bank’s wealth management unit in early June. And yet, Ron Kruszewski, the St. Louis-based firm’s chief executive, remains upbeat.
The headlines make the situation seem worse than it really is, according to industry recruiter Mindy Diamond, head of Diamond Consultants. “Every day we read about another team, another mega-team, leave. And it feels like a lot, but I think it feels like a lot because they were starting with a small number to begin with.”
The attrition rate may be abnormally high when compared to other industry acquisitions, but Diamond said the circumstances surrounding the deal must be taken into consideration.
“The Barclays advisors are a successful lot, for the most part, they’re multi-million dollar producers that control really good books of business, so that makes them valuable,” she added.
