In the News

Financial Advisor-IQ

Edward Jones Revives Recruiting Effort Aimed at Women

September 20, 2017 Howard Diamond Quoted By Murray Coleman The numbers just don’t add up. Nearly 51% of the population is made up of women, according to the U.S. Census Bureau. And by some estimates females represent a majority of the $3 trillion-plus in generational wealth transfer expected to take place in coming years. Edward Jones isn’t alone in trying to improve female advisor recruitment. “Every firm on the street is doing it,” recruiter Howard Diamond says. “It’s becoming so widespread that we rarely see a big firm like Morgan Stanley or Raymond James where upper managers aren’t mandating a […]

Read more...
Investment News

LPL putting pressure on affiliates to recruit advisers to its corporate RIA

September 1, 2017 Mindy Diamond Quoted By Jeff Benjamin LPL Financial, the nation’s largest independent broker dealer, is instituting new policies to make sure more new advisers joining the firm will use its corporate registered investment adviser. “LPL is trying to say ‘We want to disincentive RIAs from using outside RIAs,’” said Mindy Diamond, president of the recruiting firm Diamond Consultants Inc. “They want advisers to use the corporate RIA, because the economics are more attractive to LPL,” she added. “The real message is, people join firms like LPL because they’re looking to get away from bureaucracy, and a memo […]

Read more...
RIA Biz Financial Advisor News

The HighTower Advisors ‘for-sale’ rumors grow to include a named suitor

September 1, 2017 Louis Diamond Quoted By Lisa Shidler and Brooke Southall Long rumored to be seeking a sale, HighTower Advisors LLC may have attracted the interest of a buyer with decent financial strength, if faded glory. With its reputation as a “sleepy, old” broker-dealer known for having more than its share of older and small FINRA-dinged advisors in its employ, Oppenheimer would make a big strategic score acquiring HighTower, says Louis Diamond, recruiter for Diamond Consultants in New York. “If you are able to bring in a ridiculous number of Barron’s-rated fee-based advisors, it’s a home run,” he says. “You get scale and credibility.” […]

Read more...
RIA Biz Financial Advisor News

LPL Financial’s tack to roll-up mode — complete with trash-talking its sweet terms — may send its rep count sailing past Morgan and Merrill

August 18, 2017 Louis Diamond Quoted By Lisa Shidler LPL Financial is rapidly morphing from an organic recruiting machine to a power roll-up that can absorb outsized frictional attrition, name its price and terms and even trash-talk the industry to send a signal to its investors and future M&A targets alike. The deal terms are necessary because many of these advisors are likely reluctant to get rolled-up into the larger LPL, cautions Louis Diamond of Diamond Consultants based in Morristown, N.J. “The thought I had is how many advisors LPL is going to lose. These broker-dealers were boutique, operating on different clearing platforms and have totally different […]

Read more...

LPL’s big National Planning Holdings buy is a high-stakes bet

August 16, 2017 Howard Diamond Quoted By Tobias Salinger If LPL Financial retains about three-quarters of National Planning Holding’s business after its purchase of the 3,200-advisor network, CEO Dan Arnold will be happy. LPL may also lose some current LPL advisors. Howard Diamond, managing director of recruiting firm Diamond Consultants, has spoken with advisors from both firms who are currently assessing their futures, he says. He cites Morgan Stanley’s purchase of Smith Barney as an example. “It didn’t go smoothly, and they had deeper pockets and were better prepared to do it than LPL,” Diamond says. “Any time you have […]

Read more...
Investment News

Since banking scandal, Wells Fargo advisers with more than $19.2 billion in AUM leave firm

August 16, 2017 Howard Diamond Quoted By Bruce Kelly It’s been almost a year since a banking scandal rocked Wells Fargo & Co., and its brokerage business has seen a steady stream of departures since, with InvestmentNews tracking 70 teams of advisers working with $19.2 billion in client assets leaving from last October through the end of June. “We recruit for Wells Fargo and have a lot of advisers interested in the firm,” said Howard Diamond, chief operating officer and general counsel at Diamond Consultants Inc., a recruiting firm. “They are the only wirehouse out there paying a competitive deal with Morgan […]

Read more...
WealthManagement-com

When Independence Makes More Economic Sense

August 15, 2017 By Mindy Diamond Why so many advisors are passing up the up-front gain for the longer-term payout. Over the last five years, a number of advisors have left the wirehouses and other employee models to go independent. In fact, the asset market share of the wirehouses, national and regional broker/dealers, has declined from about 63 percent in 2011 to nearly 59 percent at year-end 2016, according to Cerulli Associates. At the same time, independent channels—independent broker/dealers, RIAs and hybrid RIAs—saw a jump in market share from about 37 percent in 2011 to 41 percent in 2016. Read […]

Read more...
RIA Biz Financial Advisor News

Elliot Weissbluth’s second in command walks from HighTower to an ivory tower of ‘pari passu’ ownership with an ‘impeccable’ reputation

August 7, 2017 Louis Diamond Quoted By Brooke Southall Maybe you never heard of Michael LaMena before he left HighTower Advisors LLC. But he was its president — a seven-year veteran — and recruiters consider him a big reason that the Chicago-based roll-up is considered good at tightly fitting new RIAs and brokers into its central systems. Recruiting HighTower’s best executive to do what HighTower does best makes great sense, according to Louis Diamond, recruiter for Diamond Consultants. “That’s what HighTower does well is integration. They do that better than most anyone.” Read more…  

Read more...

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…

Read more...
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 […]

Read more...
Page 1 of 2812345...1020...Last »