Louis Diamond Quoted – By Miriam Rozen, AdvisorHub – A long-running trend of experienced broker attrition from wirehouses is ebbing, Merrill Lynch, Morgan Stanley and Wells Fargo executives claimed in the past week. But the advisor teams that do breakaway from the wirehouses continue to have an adverse impact since they leave with large chunks of assets, the recruiters said.
Louis Diamond Quoted – By Jeff Benjamin, InvestmentNews – Dynasty Financial Partners is turning to the public equity markets to support its strategy of helping wirehouse representatives break away to become independent financial advisers. “The IPO is very exciting as a further validation of the success of the RIA space,” said Louis Diamond, president of Diamond Consultants.
Louis Diamond Quoted – By Jacqueline Sergeant, Financial Advisor Magazine – Working from home during the Covid crisis has awakened many brokers and financial advisors to new beginnings, setting off a wave of departures to independence, consultants say. “Advisors are realizing that they are not getting as much value from their current firm, especially working from home,” said Louis Diamond, president of Diamond Consultants in Morristown, N.J.
By Louis Diamond and Mindy Diamond, Wealthmanagement.com – A report on 2022 trends for financial advisors explores how the constant push towards something “better” is driving change and paving the way for the fastest evolution the wealth management industry has ever seen.
Louis Diamond Quoted – By Tobias Salinger – Two of the major enterprises whose expansion is helping to boost LPL Financial’s record advisor headcounts will enter the new year on a trajectory to grow even more. As OSJs take on more duties than their traditional compliance services, LPL and hybrid RIAs are in “friendly competition” with one another, said recruiter Louis Diamond, the president of Diamond Consultants.
Louis Diamond Quoted – By Jennifer Lea Read, Financial Advisor Magazine – A high-profile scuffle between a member of J.P. Morgan’s advisory group and its private bank group intensified last week when J.P. Morgan asked a U.S. District Court to require one of its former advisors, Gwen Campbell, to post a $10 million bond to cover any losses the bank might suffer should her request for a temporary restraining order—designed to protect her clients from internal poaching at the firm, she said—be granted.
Louis Diamond Quoted – By Charles Paikert, Barron’s – It’s not just a seller’s market for RIA owners. Advisors looking for greener pastures are also finding demand for their skills is outstripping supply. Louis Diamond, president of Diamond Consultants, which specializes in executive search for RIAs, agrees. “Every firm is on the hunt for quality talent,” Diamond says.
Louis Diamond Quoted – By Lynnley Browning, Financial Planning – Wall Street banks compete ferociously with each other to entice star wealth managers with ultra-rich clients to jump ship and work for them. JPMorgan Chase allegedly brings that warfare in-house, pitting its own financial advisors against its own private bankers in a Hunger Games-style competition for control over lucrative clients, a new lawsuit claims.
Hammond Han, a 33-year industry veteran, led the Liberty Capitol Group while at UBS. Uncertain about UBS’s long-term vision and commitment to its US wealth management unit, the Liberty Capital Group chose to move to Morgan Stanley to better serve their high net worth client base and run the practice more efficiently.
By AdvisorHub Staff – Morgan Stanley Wealth Management continues to flex its recruiting muscle and has snagged a six-advisor team from UBS Wealth Management USA in Washington, D.C. that had managed $1 billion in client assets, according to a person familiar with the moves.
