In the News

Morgan Stanley’s Recruiting Pause Pays Off

July 20, 2017 Louis Diamond Quoted Recruiting and attrition have slowed down at Morgan Stanley as the firm, like other big brokerages, has de-emphasized big signing bonuses, reports InvestmentNews. Still, recruiter Louis Diamond expects to see recruiting pick up toward the end of the year. The reason: Merrill and Morgan Stanley have major recruiting deadlines at that time. “The major firms have more commitments now on the books then they have in years,” Diamond tells InvestmentNews. “The shot clock is ticking.” Read more…

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Investment News

Morgan Stanley says recruiting and attrition have slowed down

July 19, 2017 Louis Diamond Quoted By Bruce Kelly The decision by three of the four wirehouses to reduce their reliance on signing bonuses to recruit brokers from rival firms appears to be paying off. While recruiting may be slowing down at large firms for the moment, expect to see a flurry of recruiting deals as the end of the year draws nearer, said Louis Diamond, vice president and senior consultant at Diamond Consultants, an industry recruiter. That’s because Merrill Lynch and Morgan Stanley have put deadlines for most of the advisers they are currently recruiting, he said. “The major […]

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On Wall Street

Mega recruits: Biggest adviser moves so far this year

July 17, 2017 Mindy Diamond Quoted By Sarah Martinson Elite advisers are flocking to independent, boutique and regional firms. Seven of the 12 biggest recruiting moves so far this year have been wirehouse teams leaving to gain what they deem to be greater independence, according to hiring announcements. It’s no small loss. These teams oversaw more than $14 billion in institutional and private client assets. “No matter how much a company says they are retrenching, they will hire a team that looks like this,” recruiter Mindy Diamond said about Merrill Lynch’s $3.3 billion grab from UBS. Read more…

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Financial Advisor-IQ

July 17, 2017 For financial advisors considering going independent it’s important to understand the differences in career paths offered by independent broker dealers and RIAs, Mindy Diamond writes on WealthManagement.com. For starters, advisors are more likely to get some transition funds from IBDs, from 25% to up to 125% of their revenue, she writes. And while national RIA firms may offer some sort of monetary package, advisors joining a RIA aren’t technically independent as they work on a W-2 model, according to Diamond. What’s more, advisors leaving a brokerage may feel more at home with an IBD as they tend […]

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WealthManagement-com

Which Path to Independence Is Right for You?

July 13, 2017 By Mindy Diamond Independence has become as legitimate an option these days as being an employee, providing advisors with the freedom to ask themselves how they want to build their career. With an industry landscape that has expanded well beyond most expectations and wirehouse deals reduced significantly, there are many exciting options for entrepreneurial advisors looking to go out on their own. If you’re considering making the jump, ask yourself, “If I go independent, should I choose the independent broker/dealer or registered investment advisor space?” Read more…

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RIA Biz Financial Advisor News

Schwab and Dynasty break $1B Celenza team out of Merrill Lynch five years after Barclays effort flags

July 11, 2017 Louis Diamond Quoted By Brooke Southall As a son who helped his mother run a chain of flower shops, Matthew Celenza was accustomed to working 20-hour days. But he wanted his own career to look different. He chose Schwab largely because it has a key RIA service center just blocks from his office and because Schwab, to his mind, is the custodian that has most recently updated its basic technology platform for RIAs. Celenza compliments its “simplicity.” Louis Diamond, recruiter for Diamond Consultants, says the selection of Schwab seems to follow a familiar pattern. “All else equal, advisors on the West Coast […]

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Investment News

Wirehouse training programs are back

Jun 24, 2017 Louis Diamond Quoted By Bruce Kelly At one time, major brokerage houses ran large, expensive training programs for thousands of young brokers, and now it looks as if they are about to return to that model. Brokers loved it because the bonuses put hundreds of thousands of extra dollars in their pockets. But the Big Four wirehouses — Merrill Lynch, Morgan Stanley, UBS Wealth Management Americas and Wells Fargo Advisors — have never really been comfortable with the practice. It was costly, and the brokers didn’t always produce the revenue the wirehouses counted on. And although the […]

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Expansion to New York City Answers Call of Growth and Goals of Next Gen at Financial Advisor Recruiting Firm

Diamond Consultants expands, opens second office in New York City Morristown, NJ — Diamond Consultants, a financial advisor recruiting and consulting firm headquartered in Morristown, NJ, announced the opening of an additional office in New York City. The office was added in response to the firm’s continuous growth trajectory, and as a result of the vision that Vice President and Senior Consultant Louis Diamond has for the continuity of the firm. President and CEO Mindy Diamond – who started the business in 1998 – sees this change as one of many that the firm has planned to meet the increasing […]

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RIA Biz Financial Advisor News

After self-inflicted punishment, Bank of America seems to reverse bonus policy to steady Merrill Lynch ship

June 9, 2017 Louis Diamond Quoted By Lisa Shidler Merrill Lynch & Co. quietly reversed its decision to slash recruiting bonuses after an intense backlash made the move untenable. Still, there were tea leaves of a different contour for Merrill Lynch execs to read, according to Louis Diamond, a recruiter for Diamond Consultants. A year ago, when UBS slashed its recruiting, the other firms saw the strategy seemingly pay dividends, he adds. “Morgan, UBS and Merrill all cited their own reasons as to why they’re going to stop recruiting and they’re trying to change the narrative. Morgan Stanley and Merrill Lynch thought […]

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