September 20, 2017 – Howard Diamond Quoted – By Murray Coleman, Financial Advisor IQ – The numbers just don’t add up. Nearly 51% of the population is made up of women, according to the U.S. Census Bureau. And by some estimates females represent a majority of the $3 trillion-plus in generational wealth transfer expected to take place in coming years.
In the News
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September 1, 2017 – Mindy Diamond Quoted – By Jeff Benjamin, Investment News – LPL Financial, the nation’s largest independent broker dealer, is instituting new policies to make sure more new advisers joining the firm will use its corporate registered investment adviser.
September 1, 2017 – Louis Diamond Quoted – By Lisa Shidler and Brooke Southall, RIABiz – Long rumored to be seeking a sale, HighTower Advisors LLC may have attracted the interest of a buyer with decent financial strength, if faded glory.
LPL Financial’s tack to roll-up mode — complete with trash-talking its sweet terms — may send its rep count sailing past Morgan and Merrill
August 18, 2017 – Louis Diamond Quoted – By Lisa Shidler, RIABiz – LPL Financial is rapidly morphing from an organic recruiting machine to a power roll-up that can absorb outsized frictional attrition, name its price and terms and even trash-talk the industry to send a signal to its investors and future M&A targets alike.
August 16, 2017 – Howard Diamond Quoted – By Tobias Salinger, Financial Planning – If LPL Financial retains about three-quarters of National Planning Holding’s business after its purchase of the 3,200-advisor network, CEO Dan Arnold will be happy.
August 16, 2017 – Howard Diamond Quoted – By Bruce Kelly, InvestmentNews – It’s been almost a year since a banking scandal rocked Wells Fargo & Co., and its brokerage business has seen a steady stream of departures since, with InvestmentNews tracking 70 teams of advisers working with $19.2 billion in client assets leaving from last October through the end of June.
August 15, 2017 – By Mindy Diamond – WealthManagement.com – Over the last five years, a number of advisors have left the wirehouses and other employee models to go independent. In fact, the asset market share of the wirehouses, national and regional broker/dealers, has declined from about 63 percent in 2011 to nearly 59 percent at year-end 2016, according to Cerulli Associates. At the same time, independent channels—independent broker/dealers, RIAs and hybrid RIAs—saw a jump in market share from about 37 percent in 2011 to 41 percent in 2016.
Elliot Weissbluth’s second in command walks from HighTower to an ivory tower of ‘pari passu’ ownership with an ‘impeccable’ reputation
August 7, 2017 – Louis Diamond Quoted – By Brooke Southall, RIABiz – Maybe you never heard of Michael LaMena before he left HighTower Advisors LLC.
But he was its president — a seven-year veteran — and recruiters consider him a big reason that the Chicago-based roll-up is considered good at tightly fitting new RIAs and brokers into its central systems.
July 20, 2017 – Louis Diamond Quoted – Barron’s – Recruiting and attrition have slowed down at Morgan Stanley as the firm, like other big brokerages, has de-emphasized big signing bonuses, reports InvestmentNews.
July 19, 2017 – Louis Diamond Quoted – By Bruce Kelly, InvestmentNews – The decision by three of the four wirehouses to reduce their reliance on signing bonuses to recruit brokers from rival firms appears to be paying off. While recruiting may be slowing down at large firms for the moment, expect to see a flurry of recruiting deals as the end of the year draws nearer, said Louis Diamond, vice president and senior consultant at Diamond Consultants, an industry recruiter.