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Investment News

RBC Wealth Management on recruiting roll

November 14, 2017 Howard Diamond Quoted By Bruce Kelly RBC Wealth Management is on a recruiting tear in 2017, as its recruiting bonus remains one of the most attractive on Wall Street, according to industry sources. “In the last year, as the wirehouses have pulled back on deals, RBC has not,” said Howard Diamond, chief operating officer and general counsel for Diamond Consultants, an industry recruiter. RBC is a client of Diamond Consultants, he said. “It’s one of the most aggressive deals on the street,” he said. “RBC is looking to actively recruit advisers from the wires. They are sick […]

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Financial Planning

Will LPL’s RIA changes help or hurt its recruiting? By

November 8, 2017 Louis Diamond Quoted By Tobias Salinger With LPL Financial trying to woo thousands of National Planning Holdings advisors while fending off the long-term threat posed by RIAs, the firm is offering advisors a better deal on its corporate RIA. “It’s another maneuver by them to get people off the outside custodians and onto the corporate platform,” Louis Diamond of Diamond Consultants says, calling the lowered fees a win for advisors already on the platform and a boon to LPL’s compliance efforts and bottom line. “They did an analysis and they know it’s much more profitable and safer […]

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Investment News

Breakaway broker deals a drag on M&A activity in third quarter

November 7, 2017 Mindy Diamond Quoted By Jeff Benjamin A recent slowdown in the pace of reps leaving brokerage firms is seen as largely responsible for the sudden dip in merger and acquisition activity in the advisory space, according to the latest report from DeVoe & Co. The question now, is whether a wirehouse trend away from broker protocol will spark a fresh surge in breakaway activity. Mindy Diamond, president of the recruiting firm Diamond Consultants, believes the potential for more firms abandoning protocol “absolutely will drive breakaway movement.” The protocol trend “shows firms are looking to further marginalize reps […]

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Why Morgan Stanley’s Protocol Rupture Isn’t a Factor for Many Team Departures

November 6, 2017 Mindy Diamond Quoted By Murray Coleman Despite reports indicating a bevy of Morgan Stanley advisors are jumping ship now that it’s breaking with industry protocol for handling employment moves, not everyone’s convinced such a policy reversal is behind any new uptick in recruiting activities. In fact, several wealth management headhunters say they doubt it’s even possible from an operational standpoint for newly-minted job changers to spin on a dime. “These decisions aren’t made over a matter of days or weeks,” says Mindy Diamond, a longtime industry recruiter and consultant. Read more..

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Morgan Stanley’s broker protocol exit: How did we get here?

November 3, 2017 Mindy Diamond Quoted By Greg Iacurci Morgan Stanley dropped an industry bombshell this week upon announcing it would leave the broker protocol, a 13-year-old agreement that governs how financial advisers could leave one brokerage firm for another without getting in legal trouble. Mindy Diamond, president and CEO at recruiting firm Diamond Consultants, equates the agreement to a “mutual truce” — advisers who were part of signatory firms could leave without being sued if they followed certain rules, such as only taking a limited amount of client information. Read more…

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Financial Planning

Woodbury Financial lures $2B OSJ after LPL deal

November 2, 2017 Barbara Herman Quoted By Tobias Salinger Woodbury Financial Services notched its second major recruiting grab in just two weeks, adding an SII Investments firm with $2 billion in client assets and 52 advisors to its ranks. “They have the size, the scale, the quality, but they certainly have the means of supporting these OSJs,” says Barbara Herman, a senior vice president with Diamond Consultants. “There’s sort of this short list of proven winners in this space who can handle the complexity of a large OSJ move.” Read more…

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FUNDfire

LPL Pushes Hybrid RIAs to Join Corporate Advisory Platform

November 1, 2017 Louis Diamond Quoted By Danielle Verbrigge LPL Financial is ramping up efforts to convince firms in its hybrid registered investment advisor (RIA) channel to use its corporate advisory platform instead. That includes offering more transition assistance to convince existing hybrids to move to the corporate advisory platform and focusing recruiting support on advisors using the corporate platform. Starting next year, LPL is also barring small advisors or practices with less than $50 million in advisory assets from joining the hybrid channel. Now, LPL has taken a “drastic approach to rein in hybrid advisors,” says Louis Diamond v.p. of Diamond Consultants, an […]

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RIA Biz Financial Advisor News

Timing of Morgan Stanley’s Broker Protocol withdrawal sends shocks through RIA legal and recruiting circles

October 30, 2017 Louis Diamond Quoted By Brooke Southall From Morgan Stanley’s perspective, Phil Shaffer never should have walked out the door with $4 billion to $5 billion of client assets and a whole team to staff his new RIA, Halite Partners LLC. The New York-based wirehouse wanted to keep the Barron’s-ranked super-producer for more than just his substantial assets and revenues. Shaffer was family, having co-founded the elite Graystone Consulting-branded unit inside Morgan Stanley. Back in New York, recruiter Louis Diamond’s high-concept risk assessment of short-term consequences was as follows: “This is a big deal for RIAs and IBDs. They can be brought into a lawsuit.”l “We […]

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Bloomberg

Morgan Stanley Roils Brokerage World by Exiting Accord

October 30, 2017 Louis Diamond Quoted By Hugh Son Morgan Stanley, the world’s biggest brokerage by adviser count, has dropped out of an industry accord that allows financial advisers to defect to competitors without getting sued by their former employers. “I’d be shocked if Merrill and UBS don’t follow suit,” said Louis Diamond of Diamond Consultants LLC. “Those are the firms that have the most to lose with this deal after they’ve all said they’re not recruiting as much.” Read more…

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Investment News

Morgan Stanley dumps broker recruiting protocol

October 30, 2017 Howard Diamond Quoted By Bruce Kelly Morgan Stanley’s decision to leave an industry agreement known as the protocol for broker recruiting is an indication that the firm is working harder than ever to prevent its brokers from jumping ship, industry sources said. One veteran adviser wondered whether a non-solicit agreement could be applied to existing accounts or only to new clients. “Would that be supported for accounts retroactively or newly opened,” asked the adviser, who requested to speak anonymously. He added that he had not seen anything in writing from the company about a new non-solicit agreement. […]

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