In the News

On Wall Street

When Teams Split, Who Gets the Clients?

April 27, 2015 Howard Diamond Quoted By Andrew Welsch When HighTower recently landed the head of a team overseeing $500 million in client assets at Oppenheimer, the move illustrated a nagging problem when groups split: Who gets the clients after a divorce? While Oppenheimer declined to further specify how the firm and team intended on keeping the clients, recruiter Howard Diamond offered some possibilities. “The firm that has lost the advisors, they’ll give that [remaining] partner a lot of resources to call the clients and say, ‘Listen Joe and Jane left, and I want you to stay, and here’s what […]

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New York Post

Bank of America accused of ‘tarnishing’ Merrill Lynch

April 4, 2015 Howard Diamond Quoted By John Aidan Byrne Merrill Lynch’s Thundering Herd is having a huge crisis of confidence. “That’s the rub, isn’t it? When BofA acquired Merrill, they came in and wanted bankers to sell Merrill products and Merrill advisers to sell bank products,” said industry headhunter Howard Diamond, who has recruited advisers from Merrill. “Merrill was becoming a bank-controlled firm. That was definitely the rub to the old hard-core advisers.” Read more…

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Financial Advisor-IQ

Janney Sweetens the Pot for Advisor Recruits

April 3, 2015 Barbara Herman Quoted By Murray Coleman After years of promoting growth from within, regional broker-dealer Janney Montgomery Scott is boosting recruiting bonuses for new advisors. But it’s not shooting for a big bump in headcount. Rather, Janney is taking a targeted approach — hoping to lure top producers from national brokerages, mainly on the East Coast. “It’s a smart move on their part,” says Barbara Herman, a recruiter at Chester, N.J.-based Diamond Consultants. “Janney’s improved transition package means it remains one of the most competitive among major regional brokerages.” National broker-dealers offer plumper back-end recruiting bonuses, she points […]

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WealthManagement-com

The Relocation of Institutional Consultants

April 1, 2015 By Mindy Diamond The past 12 months or so have seen some of the largest advisory teams on Wall Street move to other firms. But a number of these deals—involving teams with more than $1 billion of assets under management and in excess of $5 million in annual revenue—are in the institutional consulting space. Traditionally, these teams have been less likely to move. Read more…  

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The Wall Street Journal

Help Wanted: Brokerage Branch Managers

March 26, 2015 Mindy Diamond Quoted By Michael Wursthorn For Wall Street brokers, a promotion to branch manager once was a career-crowning achievement. Now, many shun the job. “Becoming a branch manager was the pinnacle of one’s career,” said Mindy Diamond, president of Diamond Consultants, a Chester, N.J., recruiting firm for financial advisers. “But unfortunately it’s a really tough position today.” Read more…

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Financial Advisor

Sailing To The Coasts

March 2, 2015 Mindy Diamond Quoted By Eric Rasmussen He was born into a pizza dynasty, but Marty Bicknell got a taste of the financial planning business early, rose up through the ranks of a storied broker-dealer, and has been rolling up not dough but financial services companies. Like some lost city of Troy, AG Edwards’ culture lives on the hearts of many veteran reps. Mindy Diamond, a recruiter with Diamond Consultants in Chester, N.J., says that former AG Edwards reps still ask her if companies like that one exist—hoping to find someplace that recreates the brokerage’s legendary environment of […]

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WealthManagement-com

When You Move, Clients Move Too

March 1, 2015 By Mindy Diamond For an advisor, a prospective new firm and a nice up-front check might be the best thing since sliced bread, but if a sizeable portion of the client base doesn’t follow, the move could prove disastrous. So before an advisor’s thought process starts to revolve around nicer office space, greater payout, or the ability to do more business, he or she must first consider things from their clients’ perspective. Read more…  

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Financial Advisor-IQ

M&A Deals Hinge on Advisors’ Talent and Fit

February 26, 2015 Howard Diamond Quoted By Chris Latham Advisors looking to grow business through M&A must look beyond financials at talent retention and cultural fit, say experts who attended Pershing’s regional symposium Wednesday in New York. Despite that kind of discriminating eye, independent advisors face a strong seller’s market, according to Howard Diamond of Chester, N.J.-based Diamond Consultants. He routinely runs into firm owners who’d like to grow by buying out other practices but lack enough differentiation to stand out among a horde of rival bidders.  Read more…

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On Wall Street

A Stifel and Sterne Agee Union: The Next Raymond James?

February 23, 2015 Howard Diamond Quoted By Andrew Welsch Is the wealth management firm of the future one that has both employee and independent advisors? Howard Diamond, managing director at recruiting firm Diamond Consultants, notes that firms like Raymond James and Wells Fargo which offer both channels are attractive when recruiting new advisors, and also for retaining existing employee advisors who may want to move to the independent side of the business. “It would be a good way to enhance retention,” he says. “You can go between channels. It’s a great offering. Instead of offering one flavor of ice cream, […]

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Financial Advisor-IQ

Do You Have a Future at Your Firm?

February 12, 2015 By Mindy Diamond A season of self-reflection has descended on financial advisors, as retention packages for top producers are expiring and the industry landscape continues to evolve. In this environment, advisors are asking themselves questions like: What are my goals, and how have they changed? How can I step up the level of support my clients receive? Not surprisingly, these advisors also have questions about their firm’s ability to remediate things that frustrate them. Advisors assessing their satisfaction with their current employer tend to focus on three issues: bureaucracy, client service and compensation. Regarding pay, advisors want […]

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