By Mindy Diamond – For a long time now, the big firms have made no secret of their desire to reprice the market relative to recruiting. The DoL Rule gave them just the opportunity to do so, and now 3 of the 4 wirehouses have boldly announced plans to significantly reduce their recruiting efforts—at least for the near term.
Louis Diamond Quoted – By Michael Thrasher, WealthManagement.com – Merrill Lynch’s decision to temporarily cease offering large recruitment signing bonuses was serendipitous news to smaller brokerages, as a number of them planned to do just the opposite this year. One brokerage in particular is standing out, according to Louis Diamond, the vice president of financial advisor recruiting firm Diamond Consultants. This year, the number advisors recruited by RBC Wealth Management U.S. has been “far above” the rest, Diamond said.
Howard Diamond Quoted – By Greg Iacurci, InvestmentNews – Merrill Lynch is taking a big risk on the wealth management unit’s new adviser recruiting strategy — one that could pay off, but just as easily backfire. “The firm will be hard-pressed to have an adviser join them when there’s the ability of recruiting bonuses from other firms,” said Howard Diamond, chief operating officer and general counsel at Diamond Consultants Inc., a recruiting firm.
Mindy Diamond Quoted – By Michael Wursthorn, The Wall Street Journal – Merrill Lynch will temporarily stop paying top dollar to recruit experienced brokers, according to a person familiar with the matter, the latest brokerage to make changes to how it compensates brokers poached from rivals. “For a long time all the [brokerages] felt the price of recruiting had gotten out of hand,” said Mindy Diamond, president and founder of Diamond Consultants, a Morristown, N. J.-based recruiting firm for financial advisers that does some business with Merrill. “It remains to be seen if it’s a sound strategy.”
Mindy Diamond Quoted – By Andrew Welsch, OnWallStreet – Merrill Lynch plans to scale back from adviser recruiting, mirroring a move that UBS took last year and creating an opening for smaller rivals to gain an edge in the competition for top talent. UBS has not completely pulled back from recruiting; it still hires top talent, but selectively. It isn’t clear if Wells Fargo and Morgan Stanley will copy Merrill’s example.
Howard Diamond Quoted – By Mason Braswell, AdvisorHub – With the window closing on their ability to offer commission-based retirement accounts at Merrill Lynch, a growing number of firm veterans are jumping to rivals with more liberal policies. “It’s the lifers who bled Merrill Lynch blue for years and years,” said Howard Diamond, a recruiter in Morristown, N.J. who was not involved in the moves. “It’s not their father’s Merrill Lynch anymore.”
Mindy Diamond Quoted – By Greg Iacurci, InvestmentNews – Merrill Lynch Wealth Management is poised to take on new leadership at the beginning of next year, as Andy Sieg, the head of Global Wealth and Retirement Solutions at Bank of America, takes over for current head John Thiel, the company announced Thursday.
Mindy Diamond Quoted – By Michael Wursthorn, The Wall Street Journal – Another Merrill Lynch alumnus has returned to the Bank of America Corp. -owned brokerage, making him the latest “boomerang broker” among the four big Wall Street players. “Most advisers see all of the wirehouses as interchangeable and, in large part, they are,” said Mindy Diamond, president of wealth-management recruitment firm Diamond Consultants in Morristown, N.J.
Howard Diamond Quoted – By John Aidan Byrne, New York Post – Betrayed, dazed and confused, some call it high treason inside Merrill Lynch. Industry recruiter Howard Diamond said BofA’s bank culture can help explain that displeasure. “It has negatively impacted the wealth-management side of the business,” he said.
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