Will Wirehouses Thwart FA Flight to Independence by Less Grid Tinkering?
Barbara Herman Quoted
By Miriam Rozen
Last October, almost three weeks before Merrill Lynch Wealth Management’s Andy Sieg disclosed that his wirehouse’s 2019 compensation plan for advisors included a haircut, his management team pre-emptively attempted to downplay the reduction’s significance.
“There has been a day of reckoning and it is hard for big firms to ignore that there has been attrition — and regrettable attrition,” says Barbara Herman, a senior vice president at New York-based recruiting firm Diamond Consulting.