Louis Diamond Quoted
By Lisa Shidler
Ten years after it was bought by Bank of America, Merrill Lynch is no longer the fastest growing portion of the business. That laurel goes to its younger sibling: eight-year-old Merrill Edge, which may stir broker resentment that bank brass is — this time around — prepared to live with.
Despite BoA executives’ rose-colored view of relations between two entities, Louis Diamond, principal recruiter of Diamond Consultants in New York says the situation is still filled with tension.
“I think advisors in the smaller markets will see these Merrill Edge advisors and centers as competition — especially the junior Merrill Lynch advisors who will cut their teeth on smaller relationships. This is direct competition for them.”