May 19, 2021
Louis Diamond Quoted
By Miriam Rozen
Another routine that has fallen by the wayside in the remote work era: the longstanding tradition of wirehouse brokers moving firms on a Friday in order to gain more time to contact customers about their move.
In several examples from recent weeks, broker teams have exited Merrill Lynch Wealth Management on a Monday, left Wells Fargo on a Tuesday, left Merrill on Wednesday and Thursday, and departed UBS on a Thursday.
“We still see the vast majority of our clients resign on a Friday especially in non-Protocol scenarios,” Louis Diamond of Diamond Consultants in Morristown, New Jersey, said.
Diamond and the others also agreed that Fridays are likely to come back into favor once brokers start returning to the office and managers can mount a more coordinated counter-attack.
