September 21, 2023
Louis Diamond Quoted
by Lisa Shidler
Wealth CEO Barry Sommers tells Bloomberg its 1,600-advisor IDB will exceed 12,000-broker unit in five years, but internal one- to two-year wait-list will complicate effort, recruiters say.
What they get right is going with the flow – recruiting advisors to an independent channel is much easier than recruiting W2 employees, says Louis Diamond, president of Diamond Consultants.
“If advisors have an opportunity and all else is equal, they prefer to be independent. All of these advisors in W2 have seen friends go to FiNet and get higher payouts and have more flexibility.”