Louis Diamond Quoted – By Bruce Kelly, InvestmentNews – The decision by three of the four wirehouses to reduce their reliance on signing bonuses to recruit brokers from rival firms appears to be paying off. While recruiting may be slowing down at large firms for the moment, expect to see a flurry of recruiting deals as the end of the year draws nearer, said Louis Diamond, vice president and senior consultant at Diamond Consultants, an industry recruiter.
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...
Schwab and Dynasty break $1B Celenza team out of Merrill Lynch five years after Barclays effort flags
Louis Diamond Quoted – By Brooke Southall, RIABiz – As a son who helped his mother run a chain of flower shops, Matthew Celenza was accustomed to working 20-hour days. But he wanted his own career to look different.
Louis Diamond Quoted – By Bruce Kelly, Investment News – At one time, major brokerage houses ran large, expensive training programs for thousands of young brokers, and now it looks as if they are about to return to that model.
After self-inflicted punishment, Bank of America seems to reverse bonus policy to steady Merrill Lynch ship
Louis Diamond Quoted – By Lisa Shidler, RIABiz – Merrill Lynch & Co. quietly reversed its decision to slash recruiting bonuses after an intense backlash made the move untenable. Still, there were tea leaves of a different contour for Merrill Lynch execs to read, according to Louis Diamond, a recruiter for Diamond Consultants.
Merrill Lynch’s second act for RIA reinvention is revealed but may yield ‘field day’ for classic RIAs in the short term
Howard Diamond and Louis Diamond Quoted – By Lisa Shidler, RIABiz – Bank of America made the second major move of an emerging master plan to recast Merrill Lynch as more of a bank subsidiary and less of a renegade satellite.
Louis Diamond Quoted – By Michael Thrasher, WealthManagement.com – Merrill Lynch’s decision to temporarily cease offering large recruitment signing bonuses was serendipitous news to smaller brokerages, as a number of them planned to do just the opposite this year. One brokerage in particular is standing out, according to Louis Diamond, the vice president of financial advisor recruiting firm Diamond Consultants. This year, the number advisors recruited by RBC Wealth Management U.S. has been “far above” the rest, Diamond said.
By Louis Diamond – Last week we wrote about the economic rationale behind going independent vs. moving to another major firm as an employee. As a follow-up topic, we thought it prudent to analyze transition packages attached to big firm moves and peel back the layers of the onion to show the components of these deals. Our goal is to help answer a burning question for many advisors: “What is the best deal on the Street?”
Louis Diamond Quoted – By Bruce W. Fraser, Financial Planning – Advisory firms are trying to figure out how to leverage their networks and technology to profitably expand their client bases.
Louis Diamond Quoted – By Bruce W. Fraser, Financial Planning – One way to build an advisory practice is to re-imagine what the firm will look like in one, three and five years, and plan for those goals. A slight variation on this strategy is to look at the business through the eyes of a possible future acquirer, says Louis Diamond, vice president and senior consultant at Diamond Consultants in Morristown, New Jersey.
Louis Diamond Quoted – Financial Advisor IQ – The Department of Labor’s fiduciary rule has certainly put a damper on broker recruitment deals, but it’s unclear whether wirehouses can keep them down, according to WealthManagement.com. The DOL took no issue with the size of the incentive deals, however, but only with the back-end compensation, Louis Diamond, vice president of recruiting firm Diamond Consultants, tells the web publication. Rather, the wirehouses took the opportunity to lower the bonuses, he says.
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