March 25, 2020 – Louis Diamond Quoted – By Gary Stern, RIAIntel – RIAs must do more to retain talented older advisors. The average advisor is 51 and “nearly one-third of RIAs will retire in the next 10 years, representing 38.4% of assets.” Having extensively consulted about succession plans and RIA mergers and acquisitions, Louis Diamond, executive vice president at Diamond Consultants, based in Morristown, N.J. and New York City, recommends three strategies for firms dealing with advisors eyeing an early exit.
By Mindy Diamond, WealthManagement.com – The world is a very different place than it was just a week ago—and continues to change in ways no one could predict nor prepare for. First and foremost, we are navigating an extraordinary health crisis and must prioritize taking care of ourselves and our loved ones.
Louis Diamond Quoted – By Asia Martin, WealthManagement.com – Bleakley Financial, a firm affiliated with Private Advisor Group, an office of supervisory jurisdiction of LPL Financial, announced it had added an advisor with $170 million in client assets from Northwestern Mutual. The advisor, Lyle Weintraub, joined last week as the coronavirus continued to wreak havoc on the markets.
March 3, 2020 – By Mason Braswell, AdvisorHub – Two lifetime Merrill Lynch brokers in Alexandria, Virginia, who said they had been generating around $7.5 million in annual revenue have affiliated with Raymond James Financial as independent contractors.
Louis Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – As advisors walk away from wirehouses, independent broker-dealers have been welcoming them in. IBDs such as LPL Financial, Raymond James and Ameriprise Financial, in particular, have been successful in attracting wirehouse breakaways, says Louis Diamond, executive vice president and senior consultant at Diamond Consultants.
Louis Diamond Quoted – By Mrinalini Krishna, Miriam Rozen, Financial Advisor IQ – Wirehouses continue to lose advisors, and the teams that defect are only getting bigger and in control of more client assets. Average advisor headcount at the wirehouses fell 2.3%, the latest financial reports of the four firms show. On the flip side, the average advisor headcount at non-wirehouse broker-dealers reviewed by FA-IQ grew by 2.8%.
Louis Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – Big jumps in advisor loans reported by and LPL Financial reflect concentrated recruiting efforts at those shops that can set the tone across the industry, recruiters and company executives say. The increase in Stifel’s loan numbers is likely a result of the growing number of advisors they are hiring rather, not a signal that the firm is cutting bigger checks per deal, says Louis Diamond, executive vice president and senior consultant with Diamond Consultants.
Louis Diamond Quoted – By Ian Wenik, Citywire – For Focus Financial Partners, money talks. In new financial data unveiled in a form 10-K it filed with the Securities and Exchange Commission (SEC) on Tuesday, the firm revealed how its typical RIA deal structure has changed in the past year.
By Ian Wenik, Citywire – A $250m Merrill Lynch advisory team has broken away to set up its own shop on Sanctuary Wealth’s RIA platform. Former Merrill Lynch senior resident director Robert Gilliland has exited the wirehouse to launch Concenture Wealth Management in Houston, Texas. Gilliland, who had been with Merrill Lynch since 2003, has launched his new shop with one other advisor, Karen Heider, and one support staffer, Codi Welch, both of whom also previously worked at Merrill Lynch.
AdvisorHub Staff – Rockefeller Capital has added two more wirehouse notches to its widening belt, recruiting a $1.5 billion-asset team from Morgan Stanley Private Wealth in New York and a Philadelphia-area team from Merrill Lynch Wealth Management servicing about $500 million of client assets, according to sources.
