September 16, 2021
Louis Diamond Quoted
By Andrew Kessel
Raymond James executives have informed managers that the compensation plans for the firm’s nearly 3,400 employee-channel advisors will remain unchanged in its 2022 fiscal year, according to a source familiar with the situation.
When compensation changes at broker-dealers, it’s rarely in a positive direction for the advisor, according to Louis Diamond, president of the recruiting firm Diamond Consultants.
“Advisors despise compensation plan changes since they are almost exclusively to the advisor’s detriment — lowered payouts or incentivizing cross-selling or certain behaviors the banks wish to see,” Diamond said.