Louis Diamond Quoted – By Jed Horowitz, AdvisorHub – J.P. Morgan Securities continues to swell its broker ranks with refugees from firms pulling out of the Protocol for Broker Recruiting.
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...
Louis Diamond Quoted – By Tobias Salinger, OnWallStreet – Broker-dealers have seen the writing on the wall — adapt to the changing industry or risk extinction, according to a new report from Cerulli Associates. The fiduciary status of RIAs does leave them in a stronger position than IBDs with prospective clients, according to recruiter Louis Diamond of Diamond Consultants. He views the fiduciary rule as the primary concern facing IBDs due to its direct impact on longtime revenue sources like 12b-1 fees.
Louis Diamond Quoted – By Brooke Southall, RIABiz – A breakaway senior banker from J.P. Morgan Private Bank will use the broker-dealer, RIA and back office of HighTower Advisors LLC but will keep ownership and the newly minted name of his new firm. Miami-based Marc Shachtman, 49, is launching True Wealth Advisory Group with $500 million of managed assets — assets that will sit on Chicago-based HighTower’s ADV.
By Louis Diamond – Many independent firms reach a point in their business when they’ve hit the proverbial ceiling. That is, they recognize that they cannot sufficiently grow or compete any further on their own. The ability to break through that ceiling, gain scale and even solve for succession typically means considering a merger or acquisition opportunity. Yet finding the right M&A partner can be an arduous task.
TruClarity — a ‘Dynasty-lite’ -come-lately with a Y Combinator-type twist — hires Dan Cronin and fellow Fidelity alum Shad Besikof to show its true growth intentions
Louis Diamond Quoted – By Lisa Shidler, RIABiz – After four years of honing its business model, a relatively unknown Tampa, Fla.-based platform for breakaway brokers is adding recruiting muscle to its team in the well-known persons of Dan Cronin and Shad Besikof in order to accelerate its growth. Yet there are big reasons why there are 18 roll-ups but just a handful of Dynasty-like players, according to Louis Diamond, New York-based principal with Diamond Consultants.
Louis Diamond Quoted – By Lisa Shidler and Brooke Southall, RIABiz – Long rumored to be seeking a sale, HighTower Advisors LLC may have attracted the interest of a buyer with decent financial strength, if faded glory.
LPL Financial’s tack to roll-up mode — complete with trash-talking its sweet terms — may send its rep count sailing past Morgan and Merrill
Louis Diamond Quoted – By Lisa Shidler, RIABiz – LPL Financial is rapidly morphing from an organic recruiting machine to a power roll-up that can absorb outsized frictional attrition, name its price and terms and even trash-talk the industry to send a signal to its investors and future M&A targets alike.
Elliot Weissbluth’s second in command walks from HighTower to an ivory tower of ‘pari passu’ ownership with an ‘impeccable’ reputation
Louis Diamond Quoted – By Brooke Southall, RIABiz – Maybe you never heard of Michael LaMena before he left HighTower Advisors LLC. But he was its president — a seven-year veteran — and recruiters consider him a big reason that the Chicago-based roll-up is considered good at tightly fitting new RIAs and brokers into its central systems.
By Louis Diamond – Going independent seems to be the loudest buzz these days. It’s clearly where the puck is heading for more and more wirehouse teams—especially since 3 of the 4 major firms have announced plans to pull back on recruiting (at least for now). However, while the basic tenets of independence – autonomy, flexibility, control, creativity, superior take-home economy, empowerment – are particularly appealing to many, it is near impossible for the majority of even the most entrepreneurial advisors to get from “here to there”.
Louis Diamond Quoted – Barron’s – Recruiting and attrition have slowed down at Morgan Stanley as the firm, like other big brokerages, has de-emphasized big signing bonuses, reports InvestmentNews.
Recent News & Articles
- Independent Broker Dealers: The Reinvention of an Independent Model
- How This UBS Breakaway Team Increased Their Client Base by 50%
- Top 5 Ways Indie BDs Can Compete With RIAs
- Where does Fidelity stand in a Schwab-TD world?
- A Conversation With Mindy Diamond, Founder and CEO of Diamond Consultants [podcast]