Louis Diamond Quoted
By Bruce Fraser
What does it take to make a merger work in the rapidly consolidating registered investment adviser industry?
“We are in the eye of a succession crisis and are just in the early innings. There is about to be too many retiring advisers and a dearth of sophisticated, well-trained, next-generation talent to fill the vacuum,” says Louis Diamond, vice president and a senior consultant who specializes in the RIA industry at recruiting firm Diamond Consultants in Morristown, New Jersey.
“Few have the infrastructure, value proposition, capital or deal expertise to [fulfill] a retiring adviser’s succession-planning needs,” he says. “The savvy principals who recognize an internal deficiency look to [M&A] because they value the scale, infrastructure, next-generation bench strength, maximum liquidity event and superior level of client service over complete and total control.”
