• Home: Leading Financial Advisor Recruiting Firm
  • About Us
    • Meet the Team
    • Testimonials
    • Case Studies
    • Representative Deals
  • Services
    • For Financial Advisors
    • For Independent Business Owners
  • FAQs
  • Articles
  • Podcast
    • Industry Update
    • Independence 101 Series
  • In the News
    • Moves in the News
  • Tools for Advisors
    • Advisor Transition Report 2022 – NEW!
    • Merrill Information Hub
    • UBS Information Hub
  • Contact Us
  • Subscribe for Updates

Questions? Call us: 908-879-1002

Contact us...
Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
  • Home
  • About
    • Meet the Team
      • Mindy Diamond
      • Louis Diamond
      • Howard Diamond
      • Jason Diamond
      • Barbara Herman
      • Deborah Aronson
      • Wendy Leung
      • Cathy Nichols
      • Debbie Wallen
      • Allison Brunwasser
      • Joshua Tomolak
      • Shelley Muzio
      • Caryl Felicetta
      • Donna Riopel
      • Kelly Griffiths
    • Testimonials
    • Case Studies
    • Representative Deals
  • Services
    • For Financial Advisors
    • For Independent Business Owners
      • Sell-Side M&A Advisory
      • Consulting
  • FAQs
  • Articles
    • Subscribe for Updates
  • Podcast
    • Industry Update
    • Independence 101 Series
    • Subscribe for Updates
  • In the News
    • Moves in the News
    • Transition Announcements
  • Tools For Advisors
    • NEW – Diamond Consultants Advisor Transition Report 2022
    • Merrill Information Hub
    • UBS Information Hub
    • Other Tools
    • Subscribe to e-Newsletter

In the News

Wall Street talent poaching among brokers enters uneasy truce

Posted by Howard Diamond

FT_The_Financial_Times

Howard Diamond Quoted
By Ben McLannahan

An age-old recruitment game on Wall Street it goes something like this.

Broker A hires a team of financial advisers from Broker B. Broker A agrees some huge signing bonus: perhaps 21⁄2 times their gross fees and commissions over the previous 12 months, half delivered up front as a cash loan, forgivable over as many as nine years, with the rest contingent on hitting asset or revenue targets over that period. A few months later Broker B strikes back at Broker A, offering a package worth three times the gross revenues. And so on.

But now the rules could be changing. This week Morgan Stanley put out an internal memo saying it would “significantly” reduce recruitment of experienced advisers to its ranks of 15,800 or so. Two weeks earlier Merrill Lynch, which has about 16,300 advisers in its “thundering herd” within Bank of America, had said pretty much the same thing.

Both are falling in line with UBS, which announced last June that it planned a 40 per cent reduction in the numbers of advisers hired each year from outside.

“There’s a gap of $1m-$2m advisers everybody wants,” says Howard Diamond of Diamond Consultants, a recruitment firm in Morristown, New Jersey, referring to the mid-point between juniors ($250,000 in annual revenues) and all-star performers ($5m+).

“If you’re sitting there at UBS, and the firm is saying ‘we’re not recruiting you type of people any more’, they’re not feeling the love,” he says.

Read more…

 

You may also be interested in...

Share
0

About Howard Diamond

Chief Operating Officer and General Counsel – A legal and business background combined with over a decade of experience in the wealth advisory space. Already a successful lawyer and litigator, the growth of Diamond Consultants presented a new career opportunity for Howard in 2005. Learn more...

    Recent News & Articles

    • Winners and Losers: The Year that Was in the Wealth Management Recruiting Space
    • Recruiters Reveal Their Secrets On Cultivating A Robust Advisor Pipeline
    • What Really Makes Financial Advisors Happy?
    • The big questions facing SVB advisors and their clients
    • Transition Deals Are More Competitive Than Ever: Report
    See. Here. Now.
    We're available to answer your questions. Contact us

    Connect with us

    Search

    © 2023 · Diamond Financial Consultants, LLC t/a Diamond Consultants. All rights reserved.*

    • Leading Financial Advisor Recruiting Firm:
    • About
    • Services
    • FAQs
    • Articles
    • Podcast
    • News/Media
    • Tools/Resources
    • Contact
    • Our Locations
    • Privacy Policy
    • Site Map