November 11, 2019
Mindy Diamond Quoted
By Ian Wenik
Want to attract top talent to your RIA? Be prepared to open your wallet.
In a speech at the Schwab IMPACT conference in San Diego, Calif., top advisor recruiter Mindy Diamond explained to a ballroom full of advisors that RIAs need to craft competitive compensation packages for advisors, even if they don’t have the amount of firepower the largest brokerage firms possess.
‘We know you can’t, shouldn’t and wouldn’t compete with the likes of Merrill Lynch or Rockefeller – which is new to the scene now – that are paying giant transition packages to incentivize advisor movement,’ said Diamond, the president and chief executive of her eponymous recruiting and consulting firm, Diamond Consultants. ‘That’s not who you’re competing against, nor do you want to. But still, you need to understand how advisors work.’
