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Fewer Wells Fargo Advisors Head for the Doors

May 18, 2018 Louis Diamond Quoted Wells Fargo Advisors experienced fewer advisor departures early this year than during the same period of 2017. This could signal its advisors are less worried by the parent company’s banking scandal or that Wells has figured out how to better retain advisors. One recruiter said Wells Fargo appears to have addressed the problem. “It does seem like advisers leaving has slowed down,” Louis Diamond, vice president and senior consultant at Diamond Consultants, is quoted saying. “The initial shock of everything has faded away. The advisers who were frustrated with the way the bank handled […]

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Investment News

Wells Fargo sees slowdown in advisers exiting this year The 2016 banking scandal and public relations fiasco had alienated some of the firm’s advisers

May 17, 2018 Louis Diamond Quoted By Bruce Kelly Wells Fargo Advisors has slowed the bleeding of its financial advisers that began after September 2016. That’s when Wells Fargo & Co. revealed a scandal in its retail banking that resulted in the company being fined $185 million for opening accounts for a few million customers without their knowledge or approval — a public relations nightmare that also alienated some of the firm’s advisers. One recruiter said it looked like Wells Fargo had gotten its arms around the problem of watching valuable advisers walk out the door after the banking scandal. […]

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Mindy Diamond on Independence Podcast

What It Really Takes to Build an RIA Firm

It’s no small task to build an RIA firm. There are some breakaway advisors willing to do the heavy lifting on their own, others do not have the capacity, time nor desire. In this podcast episode, Matt Sonnen of PFI Advisors gives a realistic view of resources and requirements, plus compares and contrasts the different paths you can take. [podcast]

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Advisors: You Need to Pass the Cleveland Airport Test

By Louis Diamond – While the financial advisory profession is still largely a meritocracy, your production and book of business no longer solely dictate how attractive you are to prospective employers. As wirehouses have scaled back on hiring advisors (not entirely by choice), regional firms, boutiques and independent platforms now control the recruiting market. The result? Cultural fit and likeability can make or break a deal.

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Investment News

With female managing partner in the wings, Edward Jones emphasizes diversity

May 10, 2018 Barbara Herman Quoted By Bruce Kelly At a time when the financial advice industry is desperately attempting to become younger and more diverse, Edward Jones’ move earlier this week to tap a woman as its next managing partner will only make the firm more attractive to potential female candidates seeking to work as an adviser, industry observers said. “I think two things are meaningful to advisers. First, that leadership comes from the rank and file, one of their own,” said Barbara Herman, a senior vice president at Diamond Consultants, a recruiting firm for advisers. “She started as an […]

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Mindy Diamond on Independence Podcast

Breakaway Advisor Builds Her Own Firm, and Wealth Follows

Before independence was in vogue, Dorie Fain left the comfort and familiarity of a big-name firm – plus significant chips on the table – to build her own RIA. And she did it without leveraging a service provider. Here’s what she learned… [podcast]

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What compels breakaway advisors to go around “the wall”?

By Mindy Diamond – While the momentum towards independence seems to have increasing traction, the independent world is definitively not for everyone. To be sure, there are plenty of risks and roadblocks that would deter most advisors from leaving the security of their brokerage firms—and in many cases, far more than what might make them actually make the leap.

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WealthManagement-com

The Driving Forces Behind Growth, Movement and Disruption

May 4, 2018 By Mindy Diamond Control is driving the virtual tug of war between advisors. It’s an annual ritual for our firm: We gather the team together and take a long, hard look at what transpired over the previous 12 months. Working together, we examine deals both large and small, dissect the headlines, hearsay and study the players—all resulting in an annual report that we make available to professionals in the wealth management industry. This year, unlike the previous, a consensus formed on an overriding theme: control. It’s what has motivated both firms and advisors to rethink their courses. It was and continues to be the impetus […]

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RIA Biz Financial Advisor News

LPL Financial pulls pricing lever after Bill Hamm moves to yank $57.5 billion and 500 advisors off the IBD’s line

May 3, 2018 Louis Diamond Quoted By Lisa Shidler Facing the prospect of reps with tens of billions of managed assets marching for the door, LPL Financial is slashing fees. Last week, the Fort Mill, S.C.-based independent broker-dealer announced it was reducing its administrative fee to a flat eight basis points for advisors using the corporate platform who manage $25 million to $50 million amid other inducements. In fact, the price cut may have been dictated by the OSJs that use LPL, says Louis Diamond, New York-based principal of Diamond Consultants, in an email. “LPL is listening to their large enterprise groups and hybrids and they were probably given an ultimatum by these groups. They […]

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Changing the Conversation Inside Your Head

By Mindy Diamond – There’s a constant companion I’ve had by my side most of my life. I didn’t invite her, yet there are times when she is loud, seeming to undermine me, and never cheering me on. She implies that something really bad is about to happen or that I am not worthy of more than I have now. That “companion” is fear.

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