November 13, 2019
Mindy Diamond Quoted
By Miriam Rozen
Don’t expect other wirehouses to match Merrill Lynch’s recently-sweetened payouts for retiring advisors, because Morgan Stanley, Wells Fargo and UBS had taken steps previously to retain senior talent. In addition, precise comparisons of the various incentives the wirehouses offer are difficult for FAs to make, say recruiters.
Mindy Diamond, longtime industry recruiter and president and CEO of Diamond Consultants, suggests Merrill Lynch’s new plan may have disappointed some of its FAs.
“The advisors were expecting something more similar to what Morgan [Stanley] did, which was 100% retention package to stay. They were expecting more. It’s still less than what an advisor can get on the street to move. In other words, transition packages are greater than that — even the enhanced program. But moving is a hassle, right? It’s disruptive. And certainly the path of least resistance is to stay put. So, it’s a fair deal, certainly for somebody who wants to monetize their business,” Diamond says.
