May 6, 2016 – Mindy Diamond Mentioned, Business Wire – Fidelity Clearing & Custody Solutions, the division of Fidelity Investments that provides clearing and custody to registered investment advisors (RIAs), retirement recordkeepers, broker-dealer firms, banks and insurance companies, is now accepting self-nominations for the second annual Be Greater® Awards, an award recognizing RIAs that are taking their firms to the next level, evolving them into successful, growing businesses in today’s competitive and crowded marketplace.
In the News
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April 14, 2016 – By Mindy Diamond, Financial Advisor IQ – The Protocol for Broker Recruiting was a game changer. It was created in 2004 by three of the then five wirehouses (Smith Barney, UBS and Merrill Lynch, with the two remaining wires – Morgan Stanley and Wachovia [now Wells Fargo] – joining in 2006) as a way to simplify the recruiting process and protect transitioning advisors from restraining orders, protracted legal battles and time out of the business.
April 13, 2016 – Mindy Diamond Quoted – By Christine Idzelis, InvestmentNews – Financial advisers shopping around for new employers have shown they like their independence. It’s “where the puck is heading,” said Mindy Diamond, president and CEO of recruiter Diamond Consultants Inc. “That’s where people are going, and it’s become much more fractured than ever before,” she said of the brokerage industry.
April 12, 2016 – By Mindy Diamond, WealthManagement.com – Not that long ago it was enough for an independent broker/dealer (IBD) to provide their advisors with basic clearing and custody and mandatory regulatory oversight. But today, with so many broker/dealers to choose from, advisors have come to expect much more. Higher levels of operational and practice management support, accelerated growth, cutting-edge technology and a strong platform are among the requirements FAs seek when considering a firm.
April 11, 2016 – “It’s a good time to be an advisor.” Mindy Diamond at Recruiter’s Roundtable – part 1 of 6 part series from On Wall Street exploring change and opportunity for financial advisors. Watch it here…
March 31, 2016 – Mindy Diamond Quoted – By Ralph Ortega, OnWallStreet – On Wall Street’s annual recruiters panel is thrilled about the possibilities, expecting lucrative packages will appear on the horizon for advisors from leading firms where wealth management drives the biggest profits.
On Wall Street’s Q&A with the panelists includes their insights on which firms are facing headwinds, which are on the hunt for new talent, and what advisors can look for in potential deals.
March 28, 2016 – Mindy Diamond Quoted – By Alex Padalka, Financial Advisor IQ – The SEC has approved a rule from Finra that requires brokers planning to jump ship from their old employer to send “educational communications” to clients that they want to bring along, InvestmentNews writes. The approved regulation follows a three-year development process of the Finra rule, which was originally intended for brokers to disclose their compensation to clients they hoped to transfer when changing firms, according to InvestmentNews.
March 24, 2016 – Mindy Diamond Quoted – By Mark Schoeff Jr., InvestmentNews – The Securities and Exchange Commission has approved a Finra rule designed to encourage investors to ask their brokers about incentives they received to change firms. The compensation rule requires transferring brokers to send an “educational communication” to clients they are trying to convince to make the move with them. That document, written by the Financial Industry Regulatory Authority Inc., will outline things the client should consider, such as whether financial incentives create a conflict of interest for the broker, whether some of their assets can’t follow them and the potential costs involved.
March 23, 2016 – Louis Diamond Quoted – By Tariro Mzezewa, Reuters – Wealth managers in the United States are cutting fees, relying more on technology to give advice and reducing the minimum amounts clients can hold in their brokerage accounts, all in preparation a new rule governing how they advise retirement savers.
March 22, 2016 – Barbara Herman Quoted – By Thomas Coyle, Financial Advisor IQ – Merrill Lynch has had a small but persistent “garden leave” problem since at least 2011. But, as it applies to rank-and-file FAs, rumors about impending garden leave policies at the four wirehouses are directed more at Merrill than Morgan Stanley, UBS’ U.S. brokerage arm or Wells Fargo Advisors, according to Barbara Herman, a recruiter with Diamond Consultants.
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