Barbara Herman Quoted
By Danielle Verbrigghe
A spate of recent firings of high-profile advisors shows that wealth management firms aren’t afraid to cut top-producing advisors in certain situations, but captive brokerages will fight to retain their clients’ assets, recruiters and consultants say.
While a fired advisor has “a race against the clock,” to find a new home and convince their clients to follow them, brokerages today may be less willing to hire advisors who have been terminated, especially before evaluating the final U-5 language, says Barbara Herman, senior v.p. of recruiting firm Diamond Consultants.