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.
About Louis Diamond
President – 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 – 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.
Louis Diamond Quoted – By Michael Thrasher, WealthManagement.com – Wirehouse compensation packages have remained low in 2017 and left some in wealth management wondering if recent changes to incentives are the new normal. “All the major firms blame the DOL on restructuring the recruiting deals,” said Louis Diamond, the vice president of Diamond Consultants, a recruiting firm that works with financial advisors. But he said it was clear the DOL’s issue was with back-end compensation schemes that were based on performance, and not the size of the compensation packages. “I think the firms saw it as an opportunity to bring down the bonuses,” he said.
One effluent of Ron Carson’s self-extrication from LPL after 27 years was that his firm disclosed the use of forgivable loans to the SEC
Louis Diamond Quoted – By Janice Kirkel, RIABiz – The deal that sent a chunk of Carson Wealth Management’s assets to Cetera Financial Group from LPL Financial elicited the disclosure of forgivable loans, a stigmatized practice at best. Ron Carson, CEO of Carson Wealth, makes a strong statement in response to a reporter’s query of the mention of “forgivable loans” in the ADV filed on Jan. 25 by his firm.
By Louis Diamond – The reality is that we are in the midst of a “seller’s market”, and as such, there are plenty of firms that would benefit from M&A, yet the fact remains that many of these potential sellers don’t really have a clear picture of how much their businesses are worth, let alone the benefits they may gain from a merger or acquisition. Whether an advisor is the owner of his own firm or an employee at a major brokerage firm, these 7 areas provide key markers that drive enterprise value.
LPL fires $10 billion RIA in Kansas City with both parties happy to keep the rift’s cause out of view
Louis Diamond Quoted – By Janice Kirkel, RIABiz – Just months after LPL Financial got its walking papers from a $2.2-billion AUA hybrid, the Boston-based IBD has fired a $10-billion firm under circumstances shrouded in mystery. Louis Diamond, vice president of Diamond Consultants in Morristown, N.J., says LPL has recently stepped up its separations from associated firms and speculates that it may be part of a larger policy decision.
Louis Diamond Quoted – By Charles Paikert, Financial Planning – Advisor Group’s future appears to be running through the wirehouses. Price’s hire “signals a new direction in Advisor Group’s recruitment strategy,” says Louis Diamond, vice president of the New Jersey-based recruiting firm Diamond Consultants. “By bringing on a seasoned UBS executive, it seems as if they will begin targeting breakaway wirehouse advisers more aggressively.”
Louis Diamond Quoted – By Bruce Fraser, Financial Planning – What does it take to make a merger work in the rapidly consolidating registered investment adviser industry?
Louis Diamond Quoted – By Andrew Welsch, OnWallStreet – My first interview with Stifel’s CEO was canceled at the last minute. We were due to talk about his M&A deals and vision for the firm’s future, but an assistant called me in the morning to say he needed to reschedule.
Louis Diamond Quoted – By Alex Padalka, Financial Advisor IQ – The Department of Labor’s guidance on the fiduciary rule has caused Morgan Stanley to do away with the back-end part of broker recruitment packages, the Wall Street Journal reports. The move, which may be followed by other large brokerages, could drastically reduce the size of recruitment offers for experienced advisors, according to the paper.
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