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Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
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In the News

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

Posted by Mindy Diamond

Investment News

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 like this makes these guys feel much less independent and more like an employee of a larger firm.”

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About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

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