Schwab upends traditional ‘basis point fees’ for RIA recruitment and pushes the headhunters to negotiate with advisors for a cut of soft-dollars
Mindy Diamond and Louis Diamond Quoted – By Lisa Shidler, RIABiz – Schwab Advisor Services has sent shockwaves through the recruiting world by rewiring how it pays for their services — perhaps laying the groundwork to slash commissions and cut out smaller recruiters. But Mindy Diamond, who founded the industry’s largest recruiting firm, Diamond Consultants in Morristown, N.J., says the changes are a sunlight solution in search of a darkness problem.
