Mindy Diamond Quoted
By Danielle Verbrigghe
While the wirehouses have stabilized their dropping advisory market share numbers, firms must still contend with advisor attrition risk as many retention contracts are set to expire in the near future, amid a competitive recruiting environment and a proliferation of options for breakaways.
“I absolutely think that big firms are vulnerable as those retention packages forgive and those advisors become free,” says Mindy Diamond, president and CEO of Diamond Consultants. “It puts the onus on the firms to make sure that their deliverables, their value proposition, and what they’re giving the advisor in return for keeping 60 cents on the dollar they earn, is really solid.”