Howard Diamond Quoted – By James Thorne, OnWallStreet – RBC Wealth Management has been recruiting advisors at a frenzied pace, and now it’s looking to beef up support for those new hires. The regional firm has brought on Nate Angelo to head up its wealth management consulting unit, a division that helps to service RBC’s 1,800 advisors as they work with clients on goals-based planning needs.
Howard Diamond Quoted – By Murray Coleman, Financial Advisor IQ – 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.
Howard Diamond Quoted – By Bruce Kelly, InvestmentNews – 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.
Howard Diamond Quoted – By Tobias Salinger, Financial Planning – 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.
By Howard Diamond – Over the past few weeks, rumors have abounded that some wirehouse firms are contemplating an exit from the 13-year old arrangement that protects firms and advisors alike: Membership in the Protocol for Broker Recruiting (“Protocol”). What is the rationale for considering such a move and, more telling, what impact will it have on advisor recruiting?
Howard Diamond Quoted – By Ben McLannahan, Financial Times – An age-old recruitment game on Wall Street it goes something like this. Broker A hires a team of financial advisers from Broker B. Broker A agrees some huge signing bonus: perhaps 21⁄2 times their gross fees and commissions over the previous 12 months, half delivered up front as a cash loan, forgivable over as many as nine years, with the rest contingent on hitting asset or revenue targets over that period. A few months later Broker B strikes back at Broker A, offering a package worth three times the gross revenues. And so on.
Howard Diamond Quoted – By Greg Iacurci, InvestmentNews – Merrill Lynch is taking a big risk on the wealth management unit’s new adviser recruiting strategy — one that could pay off, but just as easily backfire. “The firm will be hard-pressed to have an adviser join them when there’s the ability of recruiting bonuses from other firms,” said Howard Diamond, chief operating officer and general counsel at Diamond Consultants Inc., a recruiting firm.
By Howard Diamond – For IBD advisors who feel they may have outgrown the space, and asking themselves, “Is this still what’s best for my business and clients going forward?” there’s a real case to consider the next stage of independence.
Howard Diamond Quoted – By Murray Coleman, Financial Advisor IQ – Juicy seven-digit bonus checks doled out by the likes of Merrill Lynch and Morgan Stanley might be a recruiting tactic that’s rapidly fading from the U.S. wealth management market. Indeed, industry experts are seeing upfront signing bonuses offered by big brokerages shrinking by as much as half of what they were less than a year ago.
Howard Diamond Quoted – By Mason Braswell, AdvisorHub – With the window closing on their ability to offer commission-based retirement accounts at Merrill Lynch, a growing number of firm veterans are jumping to rivals with more liberal policies. “It’s the lifers who bled Merrill Lynch blue for years and years,” said Howard Diamond, a recruiter in Morristown, N.J. who was not involved in the moves. “It’s not their father’s Merrill Lynch anymore.”