Howard Diamond Quoted
By Liz Skinner
Advisers need to practice the pitch they’ll use to persuade clients to switch to a different firm with them, because those conversations could get much more difficult.
“Any sophisticated client has known that when advisers move they are getting paid,” said recruiter Howard Diamond, managing director of Diamond Consultants Inc. “Advisers should have an upfront conversation about the compensation and be transparent about what’s going on.”
Talk to clients as one business owner to another, he recommends. For instance, advisers may want to say, “Just as you are entrepreneurial and looking to grow your business, I think you can appreciate that I am as well.”