Speculation Stirs Over Wirehouses’ 2021 FA Pay Plans
September 8, 2020
Louis Diamond Quoted
By Miriam Rozen
Planned hikes in production thresholds and other factors impacting wirehouse advisors’ pay got put on ice in response to the global pandemic earlier this year. But the thaw is on at some firms, raising questions about how compensation plans will look in 2021.
If past is prologue, Louis Diamond expects wirehouses to pinch almost all of their FAs’ pay next year.
“It seems like every year, there’s some sort of change. Sometimes they’re more far-reaching or impactful than others, but, almost always, there’s some sort of change, “ says Diamond, who is executive vice president and senior consultant at Morristown, N.J.-based Diamond Consultants.