Louis Diamond Quoted – By David Sterman, RIA Intel – Throughout an advisor’s career, major milestones justify the celebratory popping of top-notch champagne. Be it the first multi-millionaire client, the first year that managed assets surpass $100 million, or when a multi-advisor team crosses the billion-dollar threshold, a great sense of accomplishment is well deserved.
In the News
Our expertise is often sought by leading national media publications for bylined articles and to provide background and color to industry news.
Mindy Diamond Quoted – by Mason Braswell, AdvisorHub – A team of Goldman Sachs brokers in Seattle with $10 million in production have joined Morgan Stanley’s private wealth group, a sign of wirehouses’ willingness to selectively hire mega-producers even as they tighten their operational belts. David Midgley, who was responsible for about 90% of his three-advisor team’s revenue in the past 12 months, arrived at the wirehouse two weeks ago. He had been with Goldman since 2005, according to his BrokerCheck history.
Mindy Diamond Mentioned – By AdvisorHub – AdvisorHub is pleased to announce that Mindy Diamond on Independence, the podcast series created by the President and CEO of Diamond Consultants, one of the industry’s leading financial advisor consulting and recruiting firms, will now be available to listeners on AdvisorHub.com.
Louis Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – Last year, most large broker-dealers claimed 12 months of record recruiting. This year, even though recruitment activity has slowed down a little, firms are still confident about recruitment pipelines and are gung-ho about their advisor retention. Yet high recruitment along with high retention could be confusing. Even the recruiters FA-IQ spoke with for this analysis piece are skeptical of the different metrics put out by the firms.
Oisin’s Bits: Sanctuary adds breakway No. 26 to $10 billion haul, reeling in Morgan Stanley firm eager to shed ‘old mindset’
Louis Diamond Quoted – By Oisin Breen, RIABiz – Sanctuary Wealth just poached yet another breakaway, its 26th in the sixteen months since its founding in 2018. The addition of Des Moines, Iowa-based PrairieFire Wealth Planning adds $100 million to Sanctuary’s sizeable asset haul, bringing the total to $10.1 billion.
Some 42% of the advisory practices that have joined Sanctuary come from Merrill.
A 20-year Merrill Lynch veteran got Sanctuary Wealth to $10 billion in AUA in 15 months with no outside capital and no time in bed
Louis Diamond Quoted – By Oisin Breen, RIABiz – “In a year’s time, Sanctuary has become one of the larger RIAs in the country, and have done it far faster than firms that have been in operation for years.”
Louis Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – Big teams with long tenures are leaving big-name shops, according to experts who say wirehouses continued to lose advisors in the second quarter of 2019. Recruiters and other industry watchers say that for the first half of the year, recruitment activity slowed for the wealth management industry but attrition of larger teams from wirehouses was evident.
Tech is now essential in the battle to recruit and keep wealth talent. Deutsche Bank and Morgan Stanley execs gave us their pitch.
Mindy Diamond Quoted – By Rebecca Ungarino, Business Insider – In the wealth management industry, where competition for adviser talent is fierce, candidates looking to make a jump are grilling firms about their technology. Deutsche Bank is launching a new tool this summer to help bring wealth clients onboard more quickly, and Morgan Stanley in May rolled out online scheduling for clients and advisers to set appointments or video conferences.
Mindy Diamond Quoted – By Jason Bisnoff, Fund Intelligence – First Republic has added a four-person team from UBS to join the firm’s bank branch office in Paramus, New Jersey. Kieran Lynch, Jack Inserra, Craig Kaufman and Joel Kaufman join First Republic Investment Management after serving as Saddle River Wealth Management at UBS for more than 12 years. The team was producing $3.6m in fees and commissions and managed around $550m at UBS, according to Advisor Hub.
By Mindy Diamond, WealthManagement.com – Big brokerage firms have long encouraged advisors to form teams. For advisors, there is strength in numbers when it comes to serving clients and building their businesses. For the firms they work for, teams represent a business advantage and a hidden retention strategy. It’s thought to be harder to recruit away a group of advisors than it is an individual, as the various personalities, goals and risk tolerances of a team can be more challenging to solve for.
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