Louis Diamond Quoted
By Michael Thrasher
Merrill Lynch’s decision to temporarily cease offering large recruitment signing bonuses was serendipitous news to smaller brokerages, as a number of them planned to do just the opposite this year.
One brokerage in particular is standing out, according to Louis Diamond, the vice president of financial advisor recruiting firm Diamond Consultants. This year, the number advisors recruited by RBC Wealth Management U.S. has been “far above” the rest, Diamond said.
Historically, Diamond said the regional brokerage (which is somewhat of a misnomer, given its size and geographic reach across the continental U.S.) has been more active in recruiting experienced brokers and offering them larger bonuses than other firms outside of the four wirehouses. The wealth manager’s recent efforts are an expansion of that.