May 19, 2021
Louis Diamond Quoted
By Peter Rawlings and Ming Li
Wirehouses fired fewer registered representatives in 2020 compared to the previous year, a Financial Advisor IQ analysis of data from regulators in the four most-populated U.S. states shows.
But there are areas that firms are especially “dialed into,” including digital signature violations, non-sales practices or firm policy-related violations, says Louis Diamond, president of recruiting firm Diamond Consultants.
While the dip in overall firings during 2020 is “quite surprising,” Diamond notes that most firms have grown stricter, adopting “zero-tolerance” policies toward compliance violations.