Louis Diamond Quoted
By Bruce Kelly
The decision by three of the four wirehouses to reduce their reliance on signing bonuses to recruit brokers from rival firms appears to be paying off.
While recruiting may be slowing down at large firms for the moment, expect to see a flurry of recruiting deals as the end of the year draws nearer, said Louis Diamond, vice president and senior consultant at Diamond Consultants, an industry recruiter.
That’s because Merrill Lynch and Morgan Stanley have put deadlines for most of the advisers they are currently recruiting, he said.
“The major firms have more commitments now on the books then they have in years,” Mr. Diamond said. “The shot clock is ticking.”
