August 16, 2021
Louis Diamond Quoted
By Peter Rawlings
Wirehouses have been sweetening their succession programs in a bid to keep as many client assets in-house as they can.
The recent changes can be a boon to outgoing financial advisors, who can cash out at higher rates and to newer advisors who might get the chance to buy a book of business.
The two-year runway leading to the implementation of the changes means the firm is likely to see a surge of retirees at the end this year and into early 2022, with a likely backlog of advisors who were planning to retire but wanted to access the sweetened transition package, said Louis Diamond, president of recruitment firm Diamond Consultants. “There’s going to be a massive amount of people that sign on to this.”
