Louis Diamond Quoted – By Michael Wursthorn – The Wall Street Journal – Morgan Stanley will scale back the recruitment loans it offers to attract rival brokers to comply with new retirement regulations, and competitors Merrill Lynch and Wells Fargo & Co. are weighing similar moves, underscoring the far-reaching impact the rules are having on the multitrillion-dollar financial-advice industry.
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 – By Ralph Ortega, Financial Planning – In its plan to buy Scottrade, TD Ameritrade is making a big push into the retail space, potentially quintupling the number of it client-facing offices. The greater scale that TD Ameritrade offers also should put Scottrade’s RIAs in a better position to face any legal challenges arising from the Labor Department’s new fiduciary rule, experts say. “From Scottrade’s perspective, you’re spreading out any potential litigation costs,” says Louis Diamond of Diamond Consultants in Morristown, New Jersey.
Louis Diamond Quoted – By Paul Katzeff, Investor’s Business Daily – You are hot. Your client book is growing. Now you are considering establishing your own practice, either by yourself or with one or two trusted colleagues. A key question you face is how to handle the tasks that a broker-dealer tackles.
By Louis Diamond – R-I-A: These three letters are dotted across industry publications and conference agendas, and on the minds of most advisors (especially post-DOL ruling), but why all the hype? And, why are we watching so many long tenured top advisors and teams moving in that direction?
Louis Diamond Quoted – By Danielle Verbrigghe, FundFire – The ambitious wealth management growth plans of Lebenthal Wealth Advisors have hit a roadblock, as a string of advisor, executive and board level departures have called into question the unit’s future.
By Louis Diamond – Independent broker dealers (IBDs) serve a great purpose within the marketplace. By allowing advisors to own their business, self-brand and take control of their financial destiny, IBDs are often a breath of fresh air for breakaway brokers and entrepreneurial spirits. Yet while there are many multi-million dollar businesses within IBDs, there are often instances where a business has outgrown this model in favor of the registered investment advisor (RIA) hybrid space.
Louis Diamond Quoted – By Tariro Mzezewa, Reuters – Wealth managers in the United States are cutting fees, relying more on technology to give advice and reducing the minimum amounts clients can hold in their brokerage accounts, all in preparation a new rule governing how they advise retirement savers.
Louis Diamond Quoted – By Todd C. Frankel, The Washington Post – Please don’t call them robo-advisers. “That’s obviously a derogatory term,” says Adam Nash, president of Wealthfront.
By Louis Diamond – We often hear principals of independent firms speak of their desire to increase assets under management, and how they feel that doing so will help ensure their relevancy and solidify their position in the marketplace. While this singular notion may have been a focus in years past, increased competition has caused a shift in goals for many quality firms, a shift towards increasing overall enterprise value by paying attention to the things that most impact it (as discussed in my last post).
By Louis Diamond – The recent spate of mergers and acquisitions has led many principals of independent advisory firms to consider their own futures.
“If we stay along our current course, will we be well positioned not only for growth, but also for increased enterprise value, making us more attractive to buyers of businesses like ours?”
Recent News & Articles
- A Losing Battle at Merrill: Why a Former Leader Left the Herd for Independence–the Value of Culture and the “Intoxicating” Effects of Freedom
- ‘Crawl before you run’ and ‘wear all the hats’: Uncensored tips for going independent
- Transition Announcement: $1B Merrill Team Leaves for Regional Firm
- Are You Selling Yourself Short by Selling Equity?
- Third Gen UBS Breakaway Finds Sanctuary: $150mm in Assets and a Long Runway to Grow
Subscribe for Updates
Get updated by email when a new article is added.
Please note that all requests are handled with complete discretion and confidentiality.