Mindy Diamond Quoted – By Jason Bisnoff, Fund Intelligence – Senior exec Matthew Brinker announced his departure from United Capital after more than 13 years on the same day Goldman Sachs finalized a deal to buy the firm for $750m, a possible harbinger of more departures in the offing. Diamond Consultants President and CEO Mindy Diamond said that between Brinker’s departure and conversations she has had with United Capital advisers, there is likely more personnel shuffling to ensue, with some disgruntled advisers saying they feel “sold out.”
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.
By Alex Padalka, Financial Advisor IQ – As Merrill Lynch reports that its advisor ranks dipped slightly in the second quarter 1% from the previous year, the wirehouse lost a team of brokers to Raymond James, according to Raymond James.
Louis Diamond Mentioned – By Todd Eklund – On Thursday July 11th CFA Society New York hosted Independent & Wirehouse Business Models. The forum was part of the event series organized by the Private Wealth Management thought leadership group at CFANY. Louis Diamond moderated an engaging and insightful discussion digging into the wealth management ecosystem and where the industry is headed.
Louis Diamond Quoted – By Jason Bisnoff and James Connington, Fund Intelligence – Mercer Global Advisors, one of the most active acquirers in the registered investment adviser channel, is reportedly on the chopping block itself with private equity owner Genstar Capital taking bids. The firm has more than $16bn in assets under management, a figure that is set to grow by around $1bn by Q4 due to five deals currently in the pipeline, Fund Intelligence can reveal.
By Mindy Diamond, WealthManagement.com – Top breakaways say the move to independence was far less about a desire to have their own businesses and more about doing better for their clients and careers.
By Ian Wenik, Citywire – Rockefeller Capital Management has added a five-advisor team from Merrill Lynch. Dallas-based advisors Neil Rubenstein, James Sandfort, Anna Gorman, Ryan Barcena and Michael Buss have all joined the Viking Global Investors-backed firm, according to their Financial Industry Regulatory Authority (Finra) BrokerCheck profiles. The five advisors operated under the RSA Group brand name while at Merrill.
By Andrew Welsch, OnWallStreet – A team that managed $175 million at UBS quit to open an independent practice with Kestra Private Wealth Services, according to the company. The team was driven in part by a desire to keep pace with changes in wealth management, according to team member Brendan McCarthy, who pointed to what he said were improvements in technology as well as greater accessibility to products and services for clients.
By Ian Wenik, Citywire – Sanctuary Wealth is on a recruitment roll after adding two more Merrill Lynch breakaway advisor teams to its independent RIA network that run a combined $530 million in client assets. The latest recruits are Sanctuary’s third and fourth teams to join its network this month. Indianapolis, Ind.-based Sanctuary now has a combined $10 billion in assets under management on its platform.
Louis Diamond Quoted – By Ian Wenik, Citywire – The RIA community has a new kid on the block. You may be familiar with it. It goes by the name of Goldman Sachs. Will the multinational investment bank be a friendly neighbor or a bully after its $750 million deal to purchase Joe Duran’s United Capital Financial Advisers?
Mindy Diamond Quoted – Financial Advisor IQ – Many of the qualities that make women excellent financial advisors are also keeping them from making the move toward independence, Mindy Diamond writes in InvestmentNews. At the same time, many female advisors who have taken the plunge share certain characteristics, she writes.
Recent News & Articles
- 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
- Why Fewer But Bigger Advisors Are Switching Firms This Year
- Tech is now essential in the battle to recruit and keep wealth talent. Deutsche Bank and Morgan Stanley execs gave us their pitch.
- Determining Enterprise Value: 7 Key Qualitative Drivers for Sellers
- First Republic adds $500m-plus UBS team