Mindy Diamond Quoted
Recent reductions in advisor recruiting at wirehouses will affect all advisors, even those planning to stay put, Mindy Diamond writes on WealthManagement.com.
Over the past year, Morgan Stanley, Merrill Lynch and UBS have announced plans to cut back on recruiting experienced advisors. The firms have said they plan to divert those resources to their existing advisors and grow those advisors’ assets under management. But it may not necessarily play out in the favor of those advisors, according to Diamond, president and CEO of recruiting and consulting firm Diamond Consultants.