Howard Diamond Quoted
By Andrew Welsch
Firms are scrambling to overhaul their recruiting strategies in the wake of new regulatory guidance on the fiduciary rule, which said that the back-end awards that are part of many recruiting deals “can create acute conflicts of interest.”
Howard Diamond, chief operating officer and general counsel at Diamond Consultants, a recruiting firm, says that the back-end deals will likely be gone after the fiduciary rule takes effect on April 10.
“From now until the end of the year, many firms will still be writing deals – and some maybe further than that, to maybe April 9,” he says. “We’re hearing some firms say that the DoL can’t legislate through FAQ.”
