December 5, 2021
Louis Diamond Quoted
By Lynnley Browning
Wall Street banks compete ferociously with each other to entice star wealth managers with ultra-rich clients to jump ship and work for them. JPMorgan Chase allegedly brings that warfare in-house, pitting its own financial advisors against its own private bankers in a Hunger Games-style competition for control over lucrative clients, a new lawsuit claims.
“Channel conflicts are really hard to mitigate, because you have very large organizations where oftentimes the hand doesn’t know what the foot is doing,” said Louis Diamond, the president of Diamond Consultants, a financial advisor recruiting and M&A advisory firm in Morristown, New Jersey. “When you have professionals incentivized to do their jobs, that’s what’s going to prevail.”