Louis Diamond Quoted
By Bruce Kelly
It’s been a good year for broker-dealers, compared with rival channels.
The latest data from research and consulting firm Cerulli Associates found that national and regional B-Ds grew assets at a rate of 9.1% year-over-year, faster than all other adviser channels.
Louis Diamond, vice president of Diamond Consultants, said he wasn’t surprised at all by the strong growth at B-Ds.
“There’s a lot of headwinds facing the wirehouses now,” Mr. Diamond said. “There’s a general unhappiness with the bureaucracy, changing compensation structures and lack of control that advisers face. The response is to go to a regional brokerage firm.”