Since Merrill Lynch published the data, clients have become more comfortable talking about diversity efforts, according to Christopher Jay, a Black advisor at the wirehouse.
“FAs are feeling pressure right now — from clients who believe that we're going to hell in a handbasket and others who want to dance in the streets,” says a Wells Fargo executive.
“Maybe out of 50 conversations, one person is so passionate about their views that I'll have to make a note that they didn't take our counsel,” says Jason Katz.
James Gorman discussed a range of topics at the Sifma conference this week, including diversity, revenue matching goals, the E*Trade deal and investment strategies.