Diamond Consultants - Financial Advisor Recruiters

Insights & Perspectives from Louis Diamond

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Louis Diamond

Managing Partner – Known for his sharp business acumen and analytical mindset, Louis brings clarity to complexity, helping advisors make confident decisions that shape their futures—serving as a trusted guide to those evaluating how best to serve clients while maximizing long-term enterprise value. Learn more...

Most Recent Articles

How much more independent can an advisor be?
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.
What got you here, won’t necessarily get you there (part 2)
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).
What got you here, won’t necessarily get you there (part 1)
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?”

Most Recent Podcasts

Activating Plan B: Wirehouse Breakaways Build a Legacy Family Wealth Office
Trent Leyda and Kay Campione offer a unique perspective on their time at Morgan Stanley, how it had come to diverge from their vision of building a family office they would entrust with their own families’ wealth, and how they are better equipped to realize that vision as an independent firm.
The Canadian Wealth Management Perspective: One-on-One with the CEO of $35B Wellington-Altus
Shaun Hauser offers a unique perspective on how our northern neighbors perceive the wealth management industry, drawing comparisons to practices and firms in the US, and providing insights into creating an independent firm that has achieved extraordinary growth.
“The Least Boring CPA” on How Tax Planning Can Add Value to Clients and Your Business
Steven Jarvis, the founder and CEO of Tax Retirement Services, offers advice on how a CPA can help increase the growth and enterprise value of an advisor’s business by providing tax planning strategies and more.
LPL’s Acquisition of Commonwealth and What it Means for Advisors and the Industry
LPL Financial, the largest independent broker dealer, is set to acquire Commonwealth Financial Network. Louis Diamond shares a perspective for Commonwealth advisors and LPL advisors alike and what the acquisition means for the industry at large.
Crafting the Perfect Employer Value Proposition: The Key to Attracting and Retaining Top Talent
A special episode designed for firms with their sights set on enhancing recruiting efforts and advisors looking to attract new team members, offering the steps to craft an effective Employer Value Proposition (EVP), with examples on usage and potential impact on hiring success and retention.
Up Close with Rich Steinmeier: LPL’s CEO on the Transformation of a $1.8T Company
Rich Steinmeier offers a candid perspective of LPL’s journey and how the founding core principles remain a pillar of the business today, even as evolutionary changes have made it one of the hottest firms in the industry.
The Lifecycle of a Billion Dollar Business: Build at a Broker Dealer, Grow as an RIA, then Sell
Bryan Sweet of Sweet Financial Partners shares the ultimate independent business growth story, starting with 32 years under the Raymond James BD umbrella, then as an RIA, and most recently selling to Carson Wealth.
Unlocking a Niche: 30-Year Wirehouse Veteran on Building a $1B Independent Business
Gerry Spitzer of Questar Capital Partners discusses leaving the wirehouse world after 30 years to launch an independent firm, sharing a perspective of building a business at Merrill and, more recently, UBS, and why focused, niche businesses may be better served in the independent space.
Focus Financial Partners 2.0: Inside Baseball from the New CEO on the Firm’s Evolution
Michael Nathanson shares his vision for Focus, offering a unique insider’s perspective on the firm’s evolution and differentiators, and how that plays into the future of independence. Plus, he offers thoughts on his own transition to CEO and advice for advisors and business leaders.

Most Recent Transition Case Studies

Transition Announcement: Billion-Dollar Team Joins Morgan Stanley Private Wealth Management in Washington, DC
Transition Announcement: Billion-Dollar Team Joins Morgan Stanley Private Wealth Management in Washington, DC
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.

Most Recent Moves in the News

Young UBS Team With $770 Million Goes Indie With Sanctuary
By Andrew Welsch, Barron's - An ex- UBS team that managed $770 million signed with Sanctuary Wealth, opening an independent practice in Montgomery, Ala. 
UBS Loses $850 Million Advisor Team to Sanctuary Wealth
By Andrew Welsch, Barron's - A UBS advisor team led by two industry veterans has parted ways with the wirehouse to open their own independent practice with Sanctuary Wealth.
$6.5-Mln Merrill Family Team Jumps to Raymond James in Ohio
By Mason Braswell, AdvisorHub - Raymond James Financial has wooed a large family team that had generated $6.5 million in annual revenue at Merrill Lynch Wealth Management in Zanesville, Ohio.
Morgan Stanley Snags Six-Advisor UBS Team in D.C. With Billion-Dollar Book
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.
Steward Partners Snatches $420M Merrill Team
By Alex Padalka, Financial Advisor IQ - Steward Partners Global Advisory, an employee-owned independent partnership associated with Raymond James Financial Services, says it has nabbed more Merrill Lynch advisors.
RBC Recruits Father-Son Team From Merrill Lynch With $500M In Assets
By Jacqueline Sergeant, Financial Advisor Magazine - A longtime Merrill Lynch father-son team with $500 million in assets has left to join RBC Wealth Management in Chicago, according to a news release.
42-Year Merrill Lifer and Son Move Their $500-Mln AUM Team to RBC
By Miriam Rozen, AdvisorHub - RBC Wealth Management on Thursday nabbed a Chicago-area Merrill Lynch Wealth Management father-son team that managed more than $500 million in client assets, according to an RBC spokesperson.
Wire Wars: Wells Nabs $7-Million Team Led by 30-Year UBS Vet in Newport Beach
By Jake Martin, AdvisorHub - Wells Fargo Advisors on Wednesday pulled from UBS Wealth Management USA a 10-person team that had been generating $7 million in annual revenue at the wirehouse, a spokeswoman for Wells confirmed.
Merrill Moves: $441 Million-AUM Duo Leaves to Launch RIA, Chase Private Client Advisors Hired in NY
By Jake Martin, AdvisorHub - As two Merrill Lynch veterans left to launch their own registered investment advisory firm, the wirehouse hired a pair of JPMorgan Chase Private Client advisors into its Accelerated Growth Program, underscoring the brokerage’s continued focus on cultivating early-career and novice brokers.
Merrill Team Jumps Ship for TruClarity-Backed Independence
By Asia Martin, WealthManagement.com - Two former advisors who managed a combined $441 million at Bank of America Merrill Lynch launched a new registered investment advisory firm in Pittsford, N.Y. The advisors, Chad Goodchild and Jacob Schlicht, set up Kickstand Wealth Advisors with TruClarity Wealth Advisors’ RIA Platform. Joining Goodchild and Schlicht are Devyn Squires, wealth planner, and Christine Fusare, director of client services.
Asking the right questions: An ex-wirehouse advisor’s path to independence
Louis Diamond Quoted - By Dina Hampton, FinancialPlanning - Greg Clifford, founder and CEO of the Clifford Group in Newton, Massachusetts, says he “grew up” at Merrill Lynch, gaining nods as a Forbes Top Next-Generation Wealth Advisor in 2018 and Best-in-State Next Generation Wealth Advisor in 2019. But as Clifford passed the decade mark at Merrill, the idea of breaking away planted itself in his mind and stayed there.
$350M AUM Merrill Team Partners With Sanctuary, Launches Green Wealth
By Joyce Blay, Financial Advisor Magazine - Financial advisors Alan Green, Lori DosSantos and Andrew Heatley have partnered with Indianapolis-based Sanctuary Wealth to launch Green Wealth Management Group in Southbury, Conn., the companies said in a recent news release.
$650M Team Leaves Merrill Lynch for LPL Financial
By Asia Martin, WealthManagement.com - LPL Financial recruited four advisors from Bank of America Merrill Lynch, where the team managed $650 million in assets under management.
$650m Merrill team starts LPL-affiliated shop
Louis Diamond Mentioned - By Andrew Foerch, Citywire - NorthEnd Private Wealth is the first wirehouse breakaway group to join LPL Financial’s Strategic Wealth Services platform in 2021. Josh Brown, Scott Thompson, Joel Gray and James Cluverius Jr. formed the independent practice after leaving Merrill Lynch, where they report managing a combined $650m in advisory, brokerage and retirement plan assets. An LPL representative said they are the sixth group to join LPL’s advisor affiliation model, which launched last year.
LPL Lures Merrill Team with $650 Mln-AUM to Nascent Breakaway Channel
Louis Diamond Quoted - By Jake Martin, AdvisorHub - A four-broker team in Greenville, South Carolina has left Merrill Lynch to launch an independent practice affiliated with LPL Financial’s fledgling Strategic Wealth Services model for wirehouse breakaways. The group, which moved on Thursday and is called NorthEnd Private Wealth, includes William Joshua (Josh) Brown, Scott Thompson, Joel Gray and James “Jake” Cluverius, Jr. They moved with their administrative assistants Jeannie Fowler and Ashley Thomason.
Merrill Loses Top-Ranked New York, New Jersey Brokers to UBS and RIA
By Mason Braswell, AdvisorHub - Merrill Lynch has lost two top-ranked brokers in metropolitan New York City, extending a round of recent departures. In the other move of a Forbes-ranked Merrill broker, Robert A. Bezzone has joined Transcend Wealth Collective, a New Jersey RIA co-founded in 2019 by an ex-Merrill complex manager.
Sanctuary adds $150m practice from Ameriprise
By Jake Martin, Citywire - Sanctuary Wealth has added former Ameriprise Financial advisor Travis Grieb and his new firm, Centeras Private Wealth, to its partner network. Grieb, who spent the last 14 years with Ameriprise, will launch his new business in Portsmouth, New Hampshire.
$421m team breaks away from Oppenheimer
By Ian Wenik, Ctiywire - A family of advisors formerly affiliated with Oppenheimer & Co. has broken away to start a TruClarity Management Solutions-backed RIA. Jonathan Nadler, along with daughter Jessica Demler and son-in-law Masahiro Yamazaki, have exited to start Oxler Private Wealth in New York City. The trio managed roughly $421m in client assets while affiliated with Oppenheimer, TruClarity said.
Morgan Stanley Picks Off Merrill Teams in NYC, Florida Managing $4.8 Billion
By Mason Braswell, AdvisorHub - Morgan Stanley on Friday landed Merrill Lynch teams managing about $4.4 billion in New York and $400 million in Florida, part of a hiring haul that added dozens of advisors and staff to its national roster ahead of the weekend, according to people familiar with the moves.
Sanctuary adds $150m North Dakota shop
By Jake Martin, Citywire - Sanctuary Wealth has widened its footprint in the upper Midwest with the addition of Fjell Capital, a two-person team based in Fargo, North Dakota, to its advisor network. Led by Tom Stadum, the team was formerly affiliated with UBS and has about $150m in assets under management.

Most Recent Quoted in the News

‘Cultural Risk,’ Retention Costs to Accompany LPL’s Big Deal for Commonwealth
Louis Quoted By Sam Del Rowe, FinancialAdvisor IQ - LPL Financial's acquisition of Commonwealth Financial Network has solidified its dominant position in an evolving space
LPL Inks $2.7 Billion Deal for Commonwealth
Louis Diamond Quoted By Miriam Rozen and Mason Braswell, AdvisorHub - LPL Financial has agreed to buy smaller independent brokerage rival Commonwealth Financial Network for $2.7 billion, according to an announcement on Monday. 
Commonwealth Deal “Major Coup” For LPL
Louis Diamond Quoted - By Charles Paikert, Family Wealth Report - Earlier this month on executive recruiter Louis Diamond’s podcast, he said LPL, far from being content as the country’s top independent broker-dealer, “wants to go toe-to-toe with Morgan Stanley.”
Recruiter Tells Commonwealth, LPL Advisors: Don’t Panic
Diamond Consultants Transition Report Quoted - By John Manganaro, Recruiter Tells Commonwealth, LPL Advisors: Don't Panic
LPL CEO claims ‘prize’ ‘anti-LPL’ Commonwealth for just $2.7 billion
Louis Diamond Quoted - By Brooke Southall, RIABiz - In a sense, Commonwealth is in a league of its own, according to Louis Diamond, president, Diamond Consultants.
UBS to be ‘The Biggest Loser’ in Fight for Advisors in 2025, Recruiting Firm Predicts
Louis Diamond Quoted - By Bruce Kelly, InvestmentNews -financial advisor movement throughout the industry in 2024 was relatively flat when compared to a year earlier, according to the report, with a total of 9,615 experienced advisors changing firms last year.
How Firms Can Attract Both Advisors and Clients
Louis Diamond Quoted - By John Manganaro, ThinkAdvisor - The leaders of wealth management firms have a complex marketing and recruiting task: attracting talented financial advisors to the practice while also sending the right message to a diverse investing public.
UBS Braces for FA Attrition over Comp Changes
Louis Diamond Quoted - By Glenn Koch, FAIQ.com - The wirehouse’s CFO said on Tuesday that the firm expects some advisors to leave in response to recent compensation changes and that the firm has adjusted its 2025 financial targets accordingly.
Wealth Management Industry-Leading Recruiters Launch Executive Search Services
Morristown, NJ - Diamond Consultants is taking all that they’ve honed over thirty years and applying it to become partners in growth for firms in search of talent by launching Diamond Consultants Executive Search Partners.
Diamond Consultants Rolls Out Executive Search Business
Louis Diamond Quoted - By Ian Wenik, CityWire - The Morristown, N.J. based company officially launched its executive search business on January 6, Diamond Consultants president Louis Diamond told Citywire. Diamond will co-lead the business unit alongside Jamie Campbell, a longtime executive search professional, focused on the accounting industry.
UBS Cuts Advisor Pay. Here’s Why.
Louis Diamond Quoted - By Andrew Welsch, Barron's - “With any comp plan changes, there are winners and losers, but this is the first one where I think the best you can say is at least I didn’t get hit too hard,” says Louis Diamond, president of recruiting firm Diamond Consultants.
The Retirement Plan Advisor Ties That Bind
Louis Diamond Quoted - By Judy Ward, NPANET The Magazine - What would a nationwide ban on noncompete agreements mean for the retirement plan advisory industry? While currently on hold, it could have major implications. Here’s what the experts have to say.
Merrill Keeps Advisor Comp Steady for 2025
Louis Diamond Quoted - By Glenn Koch, FAIQ.com - The threshold increases are reflective of wirehouses trending toward working with more affluent advisors and trying to nudge lesser producers into self-directed channels or call center roles, according to Louis Diamond
SageSpring asks 2.5x revenue for departing advisors to buy their books – sources
Louis Diamond Quoted - By Sam Bojarski, CityWire - Industry experts told Citywire that book buyout provisions like SageSpring’s are somewhat rare among RIAs. Recruiter Louis Diamond of Diamond Consultants said: ‘Fairly few firms have a buyout provision like this.’ 
Advisor headcounts are going away. Recruiters say it’s about time
Louis Diamond Quoted - By Dan Shaw, FinancialPlanning - Fewer and fewer firms are reporting advisor headcounts. Many industry recruiters and analysts say good riddance.
What to expect in advisor pay in 2024
Louis Diamond Quoted - By Dan Shaw, FinancialPlanning - When it comes to compensation, industry recruiters say it's not just the amounts that matter to advisors. Two other prized qualities in firms' pay policies are simplicity and consistency from year to year.
Private Bankers Back in Recruiting Crosshairs at Wirehouses
Louis Diamond Quoted - By Glann Koch, Financial Advisor IQ - UBS, Merrill Lynch and other large firms are actively recruiting private bankers and salaried wealth advisors using deals that boost recruits’ compensation while insulating against weak asset portability, according to recruiters.
2024 Independent Broker-Dealer Survey: The IBD Universe And Its Systemic Evolution
Louis Diamond Quoted - By Eric Rasmussen, FA-Mag.com - Louis Diamond, an advisor recruiter, says the trend he sees is that there are simply fewer broker-dealers recruiting now because of consolidation.
RayJay’s Aspirations to Hook Larger Teams Lauded by Analysts
Louis Diamond Quoted - By Nate DiCamillo, Financial Advisor IQ - Raymond James is trying to boost revenue by refocusing its recruiting efforts on financial advisors who oversee large books of business. The process involves targeting fewer advisors but zeroing in on larger shops.
Add FAs, Digitize, Cross-Sell: BofA Boss’s Wealth Biz Growth Plan
Louis Diamond Quoted - By Glenn Koch, Financial Advisor IQ - Bank of America Chair and Chief Executive Officer Brian Moynihan says there’s plenty of runway for his firm’s wealth management unit to get more production out of its advisors and increase profits.