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In the News

Which wirehouse is the least advisor friendly?

Posted by Mindy Diamond

On Wall Street

Mindy Diamond Quoted
By Lee Conrad

OWS: When Morgan Stanley and Merrill Lynch announced cutbacks to recruiting efforts, they did it ostensibly so they could focus on their existing advisors. But they’re not doing a great job of retention either because now advisors are leaving hand-over-fist, mostly for the regionals. What happened?

DIAMOND: The big firms are saying, ‘We want franchise players,’ but they’ve yet to really define what a franchise player is. The bottom line is, they’re open for business, but they’re not successful. This was a reason plenty of advisors looked at independence. In a perfect world, why wouldn’t they want that? They could get more freedom, build equity and have flexibility. But then, the short-term economics were on the side of the wirehouses, not so much because people preferred it, but just because the deals are big enough.

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About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

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