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In the News

Fired Advisors Fight Firms for Assets

Posted by Barbara Herman

FUNDfire

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.

 

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About Barbara Herman

Senior Vice President – Known for her sound advice, unique perspectives and ability to identify creative solutions. Barbara has developed deep and longstanding strategic relationships with financial services firms – from wirehouses to boutiques, as well as the diverse independent space – and works with some of the most sophisticated teams and individual advisors. Learn more...

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