In the News

RIA Biz Financial Advisor News

LPL fires $10 billion RIA in Kansas City with both parties happy to keep the rift’s cause out of view

February 3, 2017 Louis Diamond Quoted By Janice Kirkel Just months after  LPL Financial got its walking papers from a $2.2-billion AUA hybrid, the Boston-based  IBD has fired a $10-billion firm under circumstances shrouded in mystery. Louis Diamond, vice president of Diamond Consultants in Morristown, N.J., says LPL has recently stepped up its separations from associated firms and speculates that it may be part of a larger policy decision. “Across the board we’ve seen a good number of terminations from LPL, much more so than in the past,” he says “There are some bad apples who deserve to be terminated but a good number where it’s clear […]

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Investment News

Broker-dealers have different views on recruiting over next six months

January 12, 2017 Mindy Diamond Quoted By Bruce Kelly Senior executives at leading independent broker-dealers are split in their assessment of recruiting over the first half of this year, with some expecting a strong start to 2017, while others are not as sanguine. The deals are lower than they once were but a greater percentage of the overall amount of money is guaranteed, said Mindy Diamond, adding that a greater amount of an adviser’s deferred compensation that he may have left at his old firm is reimbursed. Read more…  

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Investment News

Women advisers not attracting as many assets as male colleagues

January 12, 2017 Howard Diamond Quoted By Liz Skinner Female financial advisers are not attracting an equal share of client assets compared with their male colleagues, and the picture looks especially bleak at RIAs, new data show. “Women advisers in the RIA channels may be newer and just getting into the industry,” said Howard Diamond, managing director and general counsel at recruiting firm Diamond Consultants Inc. “They also may be joining smaller firms and it’s taking them longer to ramp up.” Read more…

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WealthManagement-com

Is This Firm the Right One?

December 22, 2016 By Mindy Diamond Asking the right questions and paying attention to the answers is key to ensuring the next step is the right one. The most stressful time for an advisor who’s thinking about leaving their firm is the time “in between”—that is, the time between deciding it’s time to go and actually making the leap. What questions should an advisor ask of the prospective new firm(s)? What are the things a responsible steward of clients should be concerned about? And, if faced with multiple offers, how does an advisor ultimately choose the right home? Read more…

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RIA Biz Financial Advisor News

Wells Fargo ‘Profit-Formula’ group with $1.7 billion executes breakaway with help of … Wells Fargo

December 1, 2016 Howard Diamond Quoted By Janice Kirkel In a breakaway scenario with a number of stunning twists, an advisor team overseeing $1.7 billion of assets has bolted from a wirehouse — with its help. “Profit-Formula isn’t offered anymore by Wells Fargo, it’s been gone for years, but if it were still around it would be very popular,” says Howard Diamond, managing director and chief operating officer of Diamond Consultants, a financial services search and consulting firm in Morristown, N.J. “It offered upfront money to advisors, had a high payout, but still provided control over the bottom line. Diamond recruits for Wells Fargo […]

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On Wall Street

Lucrative recruiting deals are over

December 1, 2016 Howard Diamond Quoted By Elizabeth McCourt Morgan Stanley’s decision to cut back-end deals signaled the initial fallout from the Department of Labor’s fiduciary rule FAQ document, which provides advisers guidance on how to interpret the impending regulation. Long-time recruiter Howard Diamond of Diamond Consultants offers a suggestion that spares all adviser recruiting deals from the impacts of the regulation. “Why not bifurcate the deal from the retirement assets? Whereby, an adviser with a strictly fee-based business, and therefore not covered by the DOL rule, will still be incentivized to make a change.” On the flip side, he […]

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Investment News

The time is ripe for female advisers looking for a change

November 20, 2016 By Mindy Diamond The headlines keep reminding firms: Hire women advisers. And with a lot of good reason behind them. Of course, it’s politically correct to do so and satisfies a diversity initiative. From a business growth perspective, studies have shown that women clients prefer to work with female advisers. And it’s always a public relations bonanza to hire women. While women may be reading this and cringing, truth be told, these statements represent the world we work in. As a woman — and having worked with many of the industry’s leading firms and top female advisers […]

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RIA Biz Financial Advisor News

Commonwealth Financial will reverse course on commissions if DOL gets reversed

November 18, 206 Howard Diamond Quoted By Irwin Stein Commonwealth Financial Network is locked and loaded — ready to blow holes in its plan to end commissions on retirement accounts if the DOL rule is repealed. Much of the original trepidation about the rule may be subsiding as the industry begins to sort out the details. Earlier this month, Howard Diamond, managing director and COO of Diamond Consultants, a financial services search and consulting firm in Morristown, N.J., wrote in these pages about the rule’s devastating effect on broker recruitment. See: Why the DOL’s Draconian and premature interpretation of its new rule […]

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WealthManagement-com

Five Steps to Retaining Clients During a Move

November 17, 2016 By Mindy Diamond After spending a professional lifetime building and nurturing relationships, the last thing an advisor wants is to lose ground. Advisors who are considering a move often lie awake at night asking themselves: “Will my clients follow me?” “How deep are my relationships?” “Do I have the confidence to test their loyalty to me?” “Do I want ALL of my clients to follow, or is this a good time to clean house?” Read more…

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Financial Planning

Do wirehouses hold the key to Advisor Group’s future?

November 15, 2016 Louis Diamond QuotedBy Charles Paikert Advisor Group’s future appears to be running through the wirehouses. Price’s hire “signals a new direction in Advisor Group’s recruitment strategy,” says Louis Diamond, vice president of the New Jersey-based recruiting firm Diamond Consultants. “By bringing on a seasoned UBS executive, it seems as if they will begin targeting breakaway wirehouse advisers more aggressively.” Read more…

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