October 19, 2020
Louis Diamond Quoted
By Miriam Rozen
Morgan Stanley has told its financial advisors that any client referrals coming from its E*Trade unit will go to a pre-selected set of 500 teams, a source familiar with the matter says.
In all, that group represents only 1,200 advisors, or 7.7% of the wirehouse’s 15,469 FAs.
Advisors who stand to benefit from the referral program likely also have a track record of working with corporate executives and a “planning focus,” says Louis Diamond, executive VP and senior consultant at Morristown, N.J.-based Diamond Consultants.
For the FAs who qualify for the referrals, the winnowing program represents a win, says Diamond, who counts the wirehouse among his clients.
