August 8, 2022
Louis Diamond Quoted
by Sam Del Rowe
Financial advisors have several ways of dealing with clients who may be behaving erratically, including freezing their accounts. But what’s the course of action when it’s the advisor exhibiting cognitive decline?
The risk of cognitive decline is “a good proof point” for teaming, according to Louis Diamond, president at recruiting firm Diamond Consultants.
“If they’re around people who can either pick up the slack or at least have a lens into how someone acts on a day-to-day basis, that’s a good watchdog item,” Diamond said, adding that there’s more of a risk for advisors who operate alone. “No one wants the client to be disserviced and if someone’s performance starts to slip, then it’s in everyone’s best interest for them to speak up.”
