Louis Diamond, Author at Diamond Consultants: Financial Advisor Recruiting Firm

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...

The Playbook for Keeping Older Rainmakers Working

March 25, 2020 – Louis Diamond Quoted – By Gary Stern, RIAIntel – RIAs must do more to retain talented older advisors. The average advisor is 51 and “nearly one-third of RIAs will retire in the next 10 years, representing 38.4% of assets.” Having extensively consulted about succession plans and RIA mergers and acquisitions, Louis Diamond, executive vice president at Diamond Consultants, based in Morristown, N.J. and New York City, recommends three strategies for firms dealing with advisors eyeing an early exit.

The Ripple Effects on Independent Broker Dealers in the Post-COVID-19 World

By Louis Diamond – The wealth management industry was already evolving rapidly to match the needs of clients and advisors, yet the COVID-19 crisis is likely to accelerate the pace even faster. While each segment of the financial services ecosystem will no doubt be impacted, there’s one area in particular likely to evolve more than others: the Independent broker dealer (IBD) channel.

Private Advisor Group Firm Snags $170 Million Advisor From Northwestern Mutual

Louis Diamond Quoted – By Asia Martin, WealthManagement.com – Bleakley Financial, a firm affiliated with Private Advisor Group, an office of supervisory jurisdiction of LPL Financial, announced it had added an advisor with $170 million in client assets from Northwestern Mutual. The advisor, Lyle Weintraub, joined last week as the coronavirus continued to wreak havoc on the markets.

After 52 Years at Merrill, Duo Producing $7.5 Million Goes Indie with RayJay

March 3, 2020 – By Mason Braswell, AdvisorHub – Two lifetime Merrill Lynch brokers in Alexandria, Virginia, who said they had been generating around $7.5 million in annual revenue have affiliated with Raymond James Financial as independent contractors.

Which Indie B-Ds Are Winning the Recruiting Wars (And Why)

Louis Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – As advisors walk away from wirehouses, independent broker-dealers have been welcoming them in. IBDs such as LPL Financial, Raymond James and Ameriprise Financial, in particular, have been successful in attracting wirehouse breakaways, says Louis Diamond, executive vice president and senior consultant at Diamond Consultants.

Anywhere But Here: Why Wirehouse Advisors Jump to Other Channels

Louis Diamond Quoted – By Mrinalini Krishna, Miriam Rozen, Financial Advisor IQ – Wirehouses continue to lose advisors, and the teams that defect are only getting bigger and in control of more client assets. Average advisor headcount at the wirehouses fell 2.3%, the latest financial reports of the four firms show. On the flip side, the average advisor headcount at non-wirehouse broker-dealers reviewed by FA-IQ grew by 2.8%.

Rising Loan Levels Reflect Big Recruiting Push At Stifel, LPL

Louis Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – Big jumps in advisor loans reported by and LPL Financial reflect concentrated recruiting efforts at those shops that can set the tone across the industry, recruiters and company executives say. The increase in Stifel’s loan numbers is likely a result of the growing number of advisors they are hiring rather, not a signal that the firm is cutting bigger checks per deal, says Louis Diamond, executive vice president and senior consultant with Diamond Consultants.

Dash to cash: Focus moves away from equity-based deals

Louis Diamond Quoted – By Ian Wenik, Citywire – For Focus Financial Partners, money talks. In new financial data unveiled in a form 10-K it filed with the Securities and Exchange Commission (SEC) on Tuesday, the firm revealed how its typical RIA deal structure has changed in the past year.

Sanctuary Wealth adds $250m Merrill breakaway in Houston

By Ian Wenik, Citywire – A $250m Merrill Lynch advisory team has broken away to set up its own shop on Sanctuary Wealth’s RIA platform. Former Merrill Lynch senior resident director Robert Gilliland has exited the wirehouse to launch Concenture Wealth Management in Houston, Texas. Gilliland, who had been with Merrill Lynch since 2003, has launched his new shop with one other advisor, Karen Heider, and one support staffer, Codi Welch, both of whom also previously worked at Merrill Lynch.

Morgan Stanley takes cue from Merrill with ETrade deal

February 20, 2020 – Louis Diamond Quoted, InvestOrbit – With its purchase of ETrade Economic, Morgan Stanley is expanding its online and alleged self-directed investment platform for the less than ultra rich. For years, the large wirehouses like Morgan Stanley have been pressing brokers to stop working with less rewarding clients, or those with assets lower than $250, 000 to $500, 500. But through platforms like ETrade or Merrill Edge, those customers still have a home at a full-service broker agent, one recruiter noted.

About Louis Diamond

Recent News & Articles