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Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
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Posts by Louis Diamond

Louis Diamond

About Louis Diamond

Executive Vice President, Senior Consultant – Someone who “looks at every angle from a strategic perspective.” Sophisticated advisors and business owners alike learn quickly that they’ve found the right person in Louis when seeking counsel and clarity on growth, career management and the ever-changing industry landscape. Learn more...

Eric Clarke says his firm saw 20% fewer breakaways last year and will take the lead on recruiting…

Eric Clarke says his firm saw 20% fewer breakaways last year and will take the lead on recruiting…

Louis Diamond Quoted – By Lisa Shidler – Eric Clarke says he plans to directly woo breakaway brokers this year–an unusual move for the CEO of a software firm–after a 20% slide in 2020 recruiting, but some recruiters say he may have just missed the boat in a tough but hot market.

Dan Arnold finally plays LPL’s RIA custody card hiring five senior RIA recruiters caught in Schwab-TD Ameritrade post-merger ‘churn,’ signaling possible direct challenge to the industry leader

Dan Arnold finally plays LPL’s RIA custody card hiring five senior RIA recruiters caught in Schwab-TD Ameritrade post-merger ‘churn,’ signaling possible direct challenge to the industry leader

Louis Diamond Quoted – By Lisa Shidler, RIABiz – LPL Financial — after decades of market feints — appears more inclined to take on Schwab Advisor Services in RIA custody after signing five RIA recruiters from the market leader.
“This is a major get by LPL as those folks are all excellent and will really help LPL bolster their RIA custody business,” says Louis Diamond, New York-based president of Diamond Consultants.

Hightower Sees New Opportunity in IBD-Affiliated Firms

Hightower Sees New Opportunity in IBD-Affiliated Firms

Louis Diamond Quoted – By Diana Britton, WealthManagement.com – While Chicago-headquartered Hightower’s core strategy continues to be acquiring standalone registered investment advisors, the firm has recently made a foray into the independent broker/dealer channel, and CEO Bob Oros expects it to be a complementary area of growth for the firm going forward. The move would certainly expand the universe of potential acquisitions.

Deferred Comp Pits FAs Against Wirehouses

Deferred Comp Pits FAs Against Wirehouses

Louis Diamond Quoted – By Miriam Rozen, Financial Advisor IQ – Recent legal actions have focused attention on wirehouses’ deferred compensation plans, a persistent source of discontent for some financial advisors, according to recruiters. In late December, a new lawsuit targeted Morgan Stanley’s deferred compensation practices, challenging its policies which defer as much as 15% of top-earning advisors’ pay, according to the allegations.

Big Winners in Wealth Management if Biden Weakens Noncompete, No-Poaching Agreements

Big Winners in Wealth Management if Biden Weakens Noncompete, No-Poaching Agreements

Louis Diamond Quoted – By Gary Stern, RIA Intel – A new White House administration might make it easier for financial advisors to switch employers. President-elect Joe Biden has signaled in the past that his administration would go after noncompete and no-poach clauses that are ubiquitous in financial advisory contracts. 

Aligning Your Inward and Outward Pointing Compass: A Process for Advisors Considering Change

Aligning Your Inward and Outward Pointing Compass: A Process for Advisors Considering Change

By Louis Diamond, WealthManagement.com – All journeys begin with a direction. And whether you’re driving in your car, taking a walk, or even going for a hike, having some preconceived notion around where you’re headed helps to ensure that the desired destination is ultimately reached without getting lost along the way.

Focus launches shared services biz with quadruple deal

Focus launches shared services biz with quadruple deal

Louis Diamond Quoted – By Ian Wenik, Citywire – Focus Financial Partners is introducing a new back office services-focused acquisition model — and has already added four firms to the offering. Louis Diamond, an executive vice president at advisor recruiting and consulting firm Diamond Consultants, likened Connectus to the acquisition model of RIA aggregator Hightower.

So, Was it Worth it? Reflections on Breaking Away

So, Was it Worth it? Reflections on Breaking Away

Louis Diamond Quoted – By Ellen Sheng, Financial Advisors IQ – There are pros and cons to just about every situation, but when it comes to advisors breaking away to start their own firms, it seems the grass really is greener on the other side. There were 655 breakaway deals in 2019, a 22% increase from the previous year, according to Echelon Partners. That pace hasn’t slowed this year. But while more advisors are breaking away every year, few go the other way.

The Breakaway Checklist

The Breakaway Checklist

Louis Diamond Quoted – By Ellen Sheng, Financial Advisor IQ – Breaking away to start your own firm can be a complicated process. But just as every journey begins with a first step, the process of breaking away can — and should — be broken down into steps. Before starting any execution or seeking any counsel, it’s crucial to be clear on your goals. Louis Diamond, executive vice president at Diamond Consultants, encourages advisors to think about: “What am I trying to accomplish, and how much work am I willing to put in to accomplish this?”

Destination: Anywhere? Not Quite, for Breakaway Advisors

Destination: Anywhere? Not Quite, for Breakaway Advisors

Louis Diamond Quoted – By Ellen Sheng, Financial Advisors IQ – Plenty of advisors are yearning for more independence, but that can mean any number of options these days. Advisors may find their freedom at another firm, an existing RIA or an independent broker-dealer. Advisors may also find more independence at regional firms or independent broker-dealers.

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Recent News & Articles

  • Advisor Choice: How Models Like Wells Fargo’s First Clearing Offer Optionality and Flexibility
  • The Trapeze: A Parable for Advisors Considering Change
  • Industry Update: Answers to the Top 10 Questions Advisors Ask When Considering Change
  • How First Republic Private Wealth, an under-the-radar wealth management firm, became the hottest ticket in the space—and why it matters
  • In Pursuit of Purpose: The Story of a Billion-Dollar Breakaway Turned Fee-Only Independent Entrepreneur
Mindy Diamond On Independence Podcast

 

 

 


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