Louis Diamond Quoted
By Bruce Kelly
After bleeding advisers for more than two years, Wells Fargo Advisors is changing its succession plan by offering a bonus to advisers who stay on until retirement and giving financial help to young advisers acquiring the business of those advisers who are retiring.
“I think it’s an interesting idea,” said Louis Diamond, an industry headhunter. “Wells Fargo is changing two things. First, there is the 25% bonus to enroll in the program. Next, the firm is putting real money into succession buyouts, totaling almost half of maximum value of the buyout.”
“It’s a form of a retention deal for the older advisers, and the firm putting up real money is a way to hang onto younger advisers buying book,” he said.
