Louis Diamond Quoted
By Brooke Southall
In a blistering 2,600-word article, Yahoo! Finance took Wells Fargo to task for allegedly converting its wealth managers to salespeople to meet high-pressure goals while tossing clients into model portfolios without telling them.
Another industry expert contacted by RIABiz says Wells Fargo is largely in step with the rest of the bank-owned wealth management business. The expert said the article lacked perspective.
“The source of info seems to be all ex-employees who are always going to say something negative,” says Louis Diamond, principal of Diamond Consultants in New York.
“This doesn’t seem that dissimilar from what most firms are doing. Advisors are able to grow their businesses quicker and more efficiently, if they aren’t concerned with investments 24/7,” he adds.
