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Investment News

Relying on trainees, Merrill Lynch boosts adviser headcount in 2017

January 17, 2018 Louis Diamond Quoted By Bruce Kelly Despite cutting back on recruiting experienced financial advisers, Merrill Lynch increased its adviser headcount by 2% in 2017, adding 333 people for a total of 14,953 at the end of last year, according to Merrill’s parent company, Bank of America, which released its fourth quarter earnings Wednesday. “Those numbers validate what Merrill’s goal was, to deemphasize experienced adviser recruiting and emphasize training,” said Louis Diamond, vice president and senior consultant at Diamond Consultants, an industry recruiter. “It’s putting young and new advisers in bank branches. That’s the strategy Merrill and Bank […]

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WealthManagement-com

Choose Your Destination Before Charting the Course

January 16, 2018 By Mindy Diamond In a world where ensuring asset growth and gaining scale is important to every firm, you are on the radar of every recruiter and manager in your market. Of course you should accept the invitations from them. It’s flattering to be wanted, and it’s certainly important to get an understanding of what the competition is doing. The only problem with this approach is that it isn’t strategic. After a series of random meetings, most advisors report back that they are more confused than ever and less certain of whether any of the options would […]

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Bloomberg

Inside Wall Street’s Towers, Traders Grouse Over Trump Tax Plan

December 20, 2017 Louis Diamond Quoted By Laura J Keller, Ben Steverman and Max Abelson Wall Street traders who rake in hundreds of thousands of dollars a year or more eagerly awaited a Republican overhaul of the U.S. tax code. Now, many are huddling with accountants and concluding the real gains will go to billionaires and other captains of the industry. Those in trenches — the merely wealthy — are grousing. “This provides a clear incentive for financial advisers to go independent,” said Louis Diamond of Diamond Consultants. “We’re hearing from a lot of clients on this; it’s just another reason […]

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Brokers bounce as wires cut; RIAs rally but see fees squeezed

December 19, 2017 Louis Diamond Quoted By Janice Kirkel As 2017 comes to a close, the year-end research attempting to take the pulse of the advisor market is hitting inboxes everywhere. And it may not be what you expect. One recruiter, Louis Diamond of Diamond Consultants, said he was surprised by this finding. ‘Certainly we see the wirehouses losing market share to the regional broker-dealers (Raymond James, Janney, RBC, Ameriprise), but from where we sit, we see the RIA segment in particular is growing the most rapidly,’ he said. ‘With the advancements in technology, DOL pressures, and stronger economics, the […]

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Financial Advisor-IQ

Regional Broker-Dealer Assets Grow 1.9% Faster Than Industry

December 19, 2017 Louis Diamond Quoted Assets in the broker-dealer space have grown faster than in any other wealth management channel, according to recent Cerulli Associates data cited by InvestmentNews. National and regional broker-dealers have grown assets 9.1% year-on-year, or about 1.9% faster than the rest of the industry, according to the report. Wirehouse brokers unhappy about changes to their compensation, lack of control and increasing bureaucracy are heading to regional brokerages because these firms offer better options for monetizing their practice than going indie, Louis Diamond, vice president of Diamond Consultants, tells InvestmentNews. But he warns that regional brokerages are still behind wirehouses […]

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Investment News

TD Ameritrade report says brokerage industry driving reps out the door

December 18, 2017 Louis Diamond Quoted By Jeff Benjamin The breakaway broker trend is real and only getting more so, according to the latest research from TD Ameritrade Institutional, which Monday morning released its 2017 Breakaway to Independence Survey. Louis Diamond, vice president at Diamond Consultants, said the brokerage industry has suffered enough “black eyes” since the 2008 financial crisis that it no longer carries the same level of swagger with consumers. “Advisers are no longer thinking they need the wirehouse logo on their business card to be successful,” he said. “Breakaways have come to realize their clients are with […]

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Investment News

Broker-dealer asset growth outpaces rival channels, Cerulli says

December 15, 2017 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 […]

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On Wall Street

Biggest recruiting moves in 2017

December 12, 2017 Louis Diamond Quoted By Andrew Welsch and Maddy Perkins It was a big year for recruiting moves. Nearly two dozen mega teams ― those managing $1 billion or more in client assets ― switched employers in 2017, according to hiring announcements. “We’ve seen teams that are going independent now are larger than they ever were before,” says recruiter Louis Diamond. “It’s partly because of the validation of other groups that have done it, the advancement of platforms and introduction of service providers in the space like Dynasty and Hightower that have enabled it to be so.” Read […]

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On Wall Street

Ex-Morgan Stanley wealth chief sees ‘tug-of-war’ on Broker Protocol

December 6, 2017 Louis Diamond Quoted By Charles Paikert Call it the Broker Protocol guessing game. Who’s in, who’s out and who’s next? Recent wirehouse decisions to exit or stay in the protocol have left industry insiders reading the tea leaves to determine the accord’s fate. Nonetheless, brokers remain anxious, said Louis Diamond, recruiter for Diamond Consultants. “They’re waiting to see what will happen,” Diamond said in an interview. “Getting a temporary restraining order is the biggest fear.” Read more…  

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Financial Advisor

Merrill, Defying Rivals, Decides To Remain In Recruiting Protocol

December 5, 2017 Mindy Diamond Quoted By Dan Jamieson Merrill Lynch is not making plans to leave the broker recruitment protocol, according to Andy Sieg, head of wealth management at the firm. Sieg addressed the protocol issue in a talk Monday with his management team, according to a company source familiar with the discussion. Recruiter Mindy Diamond said staying in the protocol was a good move for Merrill. “It tells advisors they trust in them and respect their choice to do what’s best for their clients,” she said via email. Read more…

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