Mindy Diamond Quoted – By Patrick Donachie, WealthManagement.com – Merrill Lynch Wealth Management is amending its current policy governing how much payout advisors keep for retaining accounts previously under advisors who departed the firm for other companies or retired, according to a senior Merrill Lynch executive detailing changes to the company’s compensation structures in the coming year.
Mindy Diamond Interviewed – By Steve Garmhausen, Barron’s – As one of the highest-profile recruiters in the wealth management industry, Mindy Diamond knows ruffling feathers in Wall Street’s C-suites is part of her job. “Yeah, they get pissed off at me sometimes,” says Diamond, who founded Diamond Consultants 25 years ago.
Stephen J. Groth, Patrick M. Cummings, Robert Chavez and Katrina R. Stump managed $1B in client assets and were all “Merrill lifers” with a collective 73 years of experience at the firm. But changes both at Merrill and throughout the industry landscape prompted the team to proactively perform due diligence, with the goal of determining whether they were best positioned to service their clients in the future.
Louis Diamond Quoted – By Miriam Rozen, AdvisorHub – A five-person Greenville, South Carolina team, led by two Merrill Lynch lifers, left the wirehouse for Raymond James & Associates on September 29, according to their new firm’s website and BrokerCheck records.
By Alex Padalka, Financial Advisor IQ – Steward Partners Global Advisory, an employee-owned independent partnership associated with Raymond James Financial Services, says it has nabbed more Merrill Lynch advisors.
The convention of offering a forgivable loan or recruitment deal has been the subject of a long-standing debate in the wealth management industry. Should advisors take the upfront deal or opt for the long-term potential of independence?
Louis Diamond Quoted – By Jeff Berman, ThinkAdvisor – The number of brokers and advisors at the four wirehouses — Bank of America Merrill Lynch, Morgan Stanley, UBS and Wells Fargo — has been declining for several years and is expected to continue dropping for the foreseeable future.
By AdvisorHub Staff – Four career Merrill Lynch brokers who had spent a total of 73 years at the “thundering herd” left on Friday for RBC Wealth Management-U.S. in Portland, Oregon, punctuating ongoing attrition at the wirehouse.
Louis Diamond Quoted – By Andrew Kessel, Financial Advisor IQ – Raymond James executives have informed managers that the compensation plans for the firm’s nearly 3,400 employee-channel advisors will remain unchanged in its 2022 fiscal year, according to a source familiar with the situation.
Louis Diamond Quoted – By Miriam Rozen, AdvisorHub – As the recruiting wars intensify, seasoned advisors have opportunities to entertain multiple offers and engage in horse-trading to try and inflate signing bonuses, recruiters say. Firms hope to forecast the book’s future growth rate by looking at the client mix—a niche focus on dentists, for example, can help, according to Louis Diamond, a recruiter in Morristown, New Jersey.
