Louis Diamond Quoted – By Peter Rawlings, Financial Advisor IQ – Wirehouses are unlikely to reward financial advisors and staff for working through the pandemic in the same way that other financial services firms have and will probably resume implementing compensation changes later this year, according to recruiters.
Louis Diamond Quoted – By Jake Martin and Mason Braswell, AdvisorHub – Merrill Lynch Wealth Management President Andy Sieg on Wednesday acknowledged an issue with broker attrition and sought to reassure the Thundering Herd that the wirehouse is focused on retention and making Merrill the firm “of choice.”
Louis Diamond Quoted – By Mark Schoeff Jr., InvestmentNewst – An executive order President Biden signed Friday afternoon could make it easier for financial advisers to switch firms and harder for financial institutions to merge.
The executive order is designed to promote competition in the economy and encompasses 72 initiatives across a dozen federal agencies, according to a White House fact sheet.
Louis Diamond Quoted – By Peter Rawlings, Financial Advisor IQ – When Morgan Stanley co-president Andy Saperstein described the firm as more than a wirehouse, he spoke to a broader shift taking place in the financial arena. The traditional large advisory firms are, after all, gradually shifting business models, changing training protocols and adding new channels in an attempt to expand beyond their usual footprint.
By Mindy Diamond, WealthManagement.com – Most advisors focus their due diligence efforts on what’s best for the business today—a process that may solve short-term concerns but doesn’t always lead to the best solution for the long term.
Mindy Diamond Featured – With Bruce Kellay and George Moriarty, Investment News – George Moriarty, our chief content officer, makes his inaugural visit to the podcast to chat about Bruce’s amazing Neal award. Mindy Diamond starts off the episode with a conversation about adviser movement, the wirehouses, compensation and why there aren’t more female RIAs.
Louis Diamond Quoted – By Peter Rawlings and Ming Li, Financial Advisor IQ – Wirehouses fired fewer registered representatives in 2020 compared to the previous year, a Financial Advisor IQ analysis of data from regulators in the four most-populated U.S. states shows. But there are areas that firms are especially “dialed into,” including digital signature violations, non-sales practices or firm policy-related violations, says Louis Diamond, president of recruiting firm Diamond Consultants.
Louis Diamond Quoted – By Miriam Rozen, Financial Advisor IQ – Another routine that has fallen by the wayside in the remote work era: the longstanding tradition of wirehouse brokers moving firms on a Friday in order to gain more time to contact customers about their move.
Louis Diamond Quoted – By Jeff Martin, AdvisorHub – UBS Wealth Management USA has hired a six-person team that had been managing $5 billion in client assets at J.P. Morgan Private Bank, as well as an Ohio team from the same firm, according to separate announcements on Wednesday. Those lengthen a list of recent private bank recruits joining the wirehouse.
Louis Diamond Quoted – By Peter Rawlings, Financial Advisor IQ – The remote work environment created by the Covid-19 pandemic has prompted more wirehouse advisors to consider independence, according to two recruiters. Working remotely during the pandemic has been a “lightbulb moment for many advisors to say, ‘I actually am pretty comfortable working from home,’ or ‘I don’t need the resources of a big firm as much,’” says Louis Diamond, president of recruiting firm Diamond Consultants.
