Louis Diamond Quoted
By Bruce Kelly
Tired of having to pay six-figure bonuses to replace some of their most productive brokers who left for competitors after the financial crisis, Morgan Stanley Wealth Management and UBS Financial Services upended the wealth management industry one year ago by withdrawing from an agreement known as the protocol for broker recruiting. The move was a determined effort to hold onto more of their brokers.
“Merrill Lynch and Wells Fargo Advisors are taking a wait-and-see approach,” said Louis Diamond, executive vice president at Diamond Consultants.
