Louis Diamond Quoted
By Bruce Kelly
Securities industry recruiters believe that Merrill Lynch will be the next wirehouse to drop the broker protocol for recruiting, as working under the agreement allows Merrill’s Thundering Herd too much leeway to take off for greener pastures.
“Merrill will be the next shoe to drop in the next days or weeks,” said Louis Diamond, vice president at Diamond Consultants. “Along with UBS and Morgan Stanley, Merrill has said that they would focus more on orgaanic growth, and bringing in young people and trainees. Merrill stands to lose by far the most for staying in the protocol, particularly as their biggest rivals, Morgan Stanley and UBS, are no longer in it.”