Mindy Diamond Quoted
By Lee Conrad
On Wall Street recently beckoned its panel of industry recruiters to our offices in lower Manhattan for our annual gabfest to discuss trends in advisors’ career paths.
On Wall Street: What development in the industry didn’t get as much press as it should have over the past year?
DIAMOND: The wirehouses sorely underestimated how important control and choice are to advisors. It’s the reason people are willing to consider independence. The reason why firms like Morgan and UBS, who are outliers in terms of pulling out of protocol, could be in trouble. They used to be the only game in town, and they’re still operating as though they are. Along with Merrill and maybe Wells, they were the only competition. That’s simply not true now… And they’re no longer the biggest deal on the street, either, so they don’t even have that going.
