Louis Diamond Quoted
By Hugh Son
Morgan Stanley, the world’s biggest brokerage by adviser count, has dropped out of an industry accord that allows financial advisers to defect to competitors without getting sued by their former employers.
“I’d be shocked if Merrill and UBS don’t follow suit,” said Louis Diamond of Diamond Consultants LLC. “Those are the firms that have the most to lose with this deal after they’ve all said they’re not recruiting as much.”