Howard Diamond Quoted – AdvisorHub – The issue came up, only half facetiously, at Finra’s annual conference in Washington last week during a wide-ranging discussion of what broker-dealers can do to fend off regulatory criticism and enforcement action for hiring rogue brokers and failing to supervise bad behavior.
Howard Diamond Quoted – By Miriam Rosen, Financial Advisor IQ – Custom loans to financial advisors’ high net worth clients bolster the bottom lines of broker-dealers’ parent companies.
Howard Diamond Quoted – By Thomas Coyle, AdvisorHub – A career Goldman Sachs broker and a former Morgan Stanley duo who left earlier this summer after allegations they ran afoul of compliance rules are re-emerging as independent investment advisers.
Howard Diamond Quoted – By Miriam Rozen, Financial Advisor IQ – News surfaced recently that a New York-based team with four senior brokers and more than $1 billion in client assets jumped in late June from Wells Fargo Advisors to Raymond James’ employee channel.
Howard Diamond Quoted – By Miriam Rozen, Financial Advisor IQ – For the majority of Peter Sargent’s 25-year financial advisory career, he has worked at wirehouses belonging to the Protocol for Broker Recruiting Agreement. No surprise, then, that Sargent vigorously extols the virtues of what once ranked as the industry-wide keep-the-peace pact.
Howard Diamond Quoted – By Miriam Rozen, Financial Advisor IQ – In less than two months — on Oct.1 — when Finra is scheduled to launch its new streamlined competency exams, get ready for a dramatic change. For the first time in the history of the industry self-regulator, anyone more than 18 years old — including students and aspiring broker-dealer representatives, even if they have not yet been hired by financial firms — may take a Finra entrance exam. No firm affiliation is necessary.
By Howard Diamond – Many tenured advisors possess a similar trait: They view the past through a strong pair of “rose-colored glasses.” When they think about their current firm, or potentially a new one, there is an expression of longing for “what was”—essentially, a place that no longer exists. Storied names of Wall Street past – such as E.F. Hutton, PaineWebber, A.G. Edwards, Advest, Lehman Brothers, Piper Jaffray, and Salomon Brothers, just to name a few – typically elicit nostalgic smiles and reminiscences of “the good old days.”
Howard Diamond Quoted – By John Aidan Byrne, New York Post – Morgan Stanley has locked the gates to keep its high-priced wealth management brokers from fleeing. The new edict — breaking with a 13-year-old agreement known as the Protocol for Broker Recruiting — enacted on Nov. 3 means the bank will threaten wealth management pros with costly litigation if they bolt for a rival brokerage.
Howard Diamond Quoted – By Bruce Kelly, Investment News – RBC Wealth Management is on a recruiting tear in 2017, as its recruiting bonus remains one of the most attractive on Wall Street, according to industry sources. “In the last year, as the wirehouses have pulled back on deals, RBC has not,” said Howard Diamond, chief operating officer and general counsel for Diamond Consultants, an industry recruiter. RBC is a client of Diamond Consultants, he said.
Howard Diamond Quoted – By Bruce Kelly, InvestmentNews – Morgan Stanley’s decision to leave an industry agreement known as the protocol for broker recruiting is an indication that the firm is working harder than ever to prevent its brokers from jumping ship, industry sources said. One veteran adviser wondered whether a non-solicit agreement could be applied to existing accounts or only to new clients. “Would that be supported for accounts retroactively or newly opened,” asked the adviser, who requested to speak anonymously. He added that he had not seen anything in writing from the company about a new non-solicit agreement.
