July 30, 2021
Louis Diamond Quoted
By Charles Paikert
A growing talent shortage and the need to retain planning firms’ best employees and attract new ones is one of the most pressing issues facing RIAs. Efforts to retain top wealth managers can be brutal, according to Charles Schwab’s latest compensation report, with half of the country’s RIAs planning to poach advisors and other staffers from competitors this year.
“Equity and partnership have to be part of the equation for advisory firms now, especially for younger advisors,” says recruiter Louis Diamond, president of Diamond Consultants in Morristown, N.J. “If they’re not incentivized to help the firm grow, it’s harder to attract them and keep them.”