Louis Diamond Quoted
By Thomas Coyle
One reason Wells Fargo Advisors, the securities arm of Wells Fargo & Company, remains in the Protocol for Broker Recruiting is it can rely on a sister enterprise – a vast and high-profile retail banking channel – to help it capture assets that aren’t covered by the agreement, sources say.
For recruiter Louis Diamond, WFA’s link to a well-known, multi-branch consumer bank is why it can “afford” to stay in the protocol even as veteran advisors with large books of business break away to join or start independent firms in numbers enough — it’s generally thought — to offset net gains. For a similar reason – Merrill Lynch, whose owner Bank of America also runs a well-known deposit-and-loan business – can comfortably stick to the agreement in the face of pressures on its traditional brokerage model, the headhunter says.