Louis Diamond Quoted
By Tariro Mzezewa
Wealth managers in the United States are cutting fees, relying more on technology to give advice and reducing the minimum amounts clients can hold in their brokerage accounts, all in preparation a new rule governing how they advise retirement savers.
“The rule isn’t the sole reason people are ready to move, but in every conversation we have, it is discussed because advisers will be impacted,” said Louis Diamond, vice president of Diamond Consultants, a New Jersey-based recruiting firm.
“For advisers who are already unhappy, the rule could be the straw that breaks the camel’s back.”