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Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
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In the News

Will FINRA knock out the “serial movers” and boost the RIA option in the bargain?

Posted by Mindy Diamond

RIA Biz Financial Advisor News

 

 

 

Mindy Diamond Quoted
By Brooke Southall

FINRA is set to consider new rules that would lift the curtain on the terms and conditions of massive payoffs made by wirehouses to convince brokers to make a lateral move from another wirehouse.

The rulemaker for stockbrokers is considering this ostensibly because brokers signing the deals may be motivated more by their own interests than those of clients — and clients may deserve to have more information at their fingertips to make that determination for themselves.

The effects of such new rules are not welcome news to Mindy Diamond, president and chief executive of Diamond Consultantsof Chester, N.J.

“It would be terrible,” she says. “It would be imposing a change on advisors who mostly do the right thing. [Bonuses] do nothing to affect how they serve their clients.”

Diamond does, however, allow that such a new reg could also have a chilling effect on her recruiting practice.

Read more…

 

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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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