Louis Diamond Mentioned – By Todd Eklund – On Thursday July 11th CFA Society New York hosted Independent & Wirehouse Business Models. The forum was part of the event series organized by the Private Wealth Management thought leadership group at CFANY. Louis Diamond moderated an engaging and insightful discussion digging into the wealth management ecosystem and where the industry is headed.
Louis Diamond Quoted – By Ian Wenik, Citywire – The RIA community has a new kid on the block. You may be familiar with it. It goes by the name of Goldman Sachs. Will the multinational investment bank be a friendly neighbor or a bully after its $750 million deal to purchase Joe Duran’s United Capital Financial Advisers?
Louis Diamond Quoted – By Lisa Shidler, RIABiz – HighTower Advisors has finished investing the $100 million haul staked by Thomas H. Lee Partners, ending a stealth acquisition binge that saw ownership of its revenues rise from 23% to 80%, paving the way for a possible IPO or sale.
Louis Diamond Quoted – By Mason Braswell, AdvisorHub – UBS Wealth Management officials have said they continue to selectively recruit high-producing brokers in the U.S. while keeping a tight rein on expenses, but the inflow of advisers year to date has been sparse.
Louis Diamond Quoted – By Ann Marsh, Financial Planning – It’s a historic week in wealth management. No bank, regardless of size, has ever watched anything close to $17 billion in clients assets walk out the door. Given that this misfortune befell a relatively small one this week, the blow — at first blush — appears especially severe for First Republic Bank.
Louis Diamond Quoted – By Ian Wenik, Citywire – A team of First Republic advisors managing a combined $14.8 billion have left the private bank to form a pair of independent RIAs.
Mark Sear, David Hou, Alan Zafran and Robert Skinner have split up to form Evoke Wealth and IEQ Capital, according to Securities and Exchange Commission (SEC) filings and LinkedIn updates.
By Louis Diamond – Many independent firms reach a point in their business lifecycle where they can no longer sufficiently grow or compete on their own. It’s when discussions around finding a way to gain scale and solve for succession hit a wall that firms often turn to considering a merger or acquisition opportunity. Yet finding the right M&A partner isn’t all that easy.
Louis Diamond Quoted – By Ross Snel, Barron’s – LPL Financial last week unveiled plans for a new way for advisors to work with the firm. Instead of serving as independent contractors, they can be employees. Advisors and staff at Allen & Company of Florida, which LPL recently announced it would acquire, will become employees of the firm, a first step toward this new model.
By Louis Diamond – CityWire – Many independent firms reach the point in their business lifecycles where they can no longer sufficiently grow or compete on their own. When the discussions around finding a way to gain scale and solve for succession hit a wall, firms often start to consider a merger or acquisition opportunity. But finding the right M&A partner isn’t all that easy.
Louis Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – Last week LPL Financial announced it would introduce an independent employee model, taking attributes from both the independent broker-dealer model and the traditional employee model in a bid to attract another class of advisors who do not want to run their own business. LPL CEO Dan Arnold spoke of it as “the next generation” of the independent model; however, he did not share many details about the new offering.
