Louis Diamond Quoted
The Department of Labor’s fiduciary rule has certainly put a damper on broker recruitment deals, but it’s unclear whether wirehouses can keep them down, according to WealthManagement.com.
The DOL took no issue with the size of the incentive deals, however, but only with the back-end compensation, Louis Diamond, vice president of recruiting firm Diamond Consultants, tells the web publication. Rather, the wirehouses took the opportunity to lower the bonuses, he says.
