Louis Diamond Quoted
By Michael Thrasher
Wirehouse compensation packages have remained low in 2017 and left some in wealth management wondering if recent changes to incentives are the new normal.
“All the major firms blame the DOL on restructuring the recruiting deals,” said Louis Diamond, the vice president of Diamond Consultants, a recruiting firm that works with financial advisors. But he said it was clear the DOL’s issue was with back-end compensation schemes that were based on performance, and not the size of the compensation packages. “I think the firms saw it as an opportunity to bring down the bonuses,” he said.
