In the News

Financial Planning

RCS Selling Wholesale Division, Seeks New CEO as Earnings Plunge

August 6, 2015 Howard Diamond Quoted By Charles Paikert For better or worse, RCS Capital is going for a new look after a series of bombshells accompanied its disappointing second-quarter earnings. “I think the more change and uncertainty that seems to follow and hover over RCS, Cetera and their various related companies, the more it will negatively impact recruiting and retention,” says  Howard Diamond, chief operating office for Diamond Consulting, an industry consulting and recruiting firm. “Financial advisors and their clients loathe uncertainty.  The more that advisors who were thinking about joining a firm read about the various changes and upheavals within a firm, […]

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Investment News

Jefferies nabs $1 billion Morgan Stanley duo amid growth push

August 7, 2015 Barbara Herman Quoted By Mason Braswell Hires mark a significant addition to the $6 billion wealth unit at the firm, one year after it brought on a former Morgan Stanley exec as CEO Jefferies Group, which has been looking quietly to build out its wealth management operation over the past two years, scored a significant win last week with the addition of a former Morgan Stanley duo with around $1 billion in assets under management. presentation. “Over the past couple years, they’ve really expanded their wealth management offerings,” said Barbara Herman of the adviser recruiting firm Diamond […]

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RIA Biz Financial Advisor News

How exactly five ex-Barclays advisors and one analyst across three time zones combined to make a $3 billion RIA

August 3, 2015 Mindy Diamond Quoted By Lisa Shidler A former senior research analyst at Barclays Wealth Management has orchestrated one of the biggest — and almost certainly the most complex — breakaways of the year. The result: Five advisors spread across San Francisco, Chicago and New York — plus the analyst himself — have formed an RIA with a potential $3 billion in assets and is now using Dynasty Financial Partners. “Anytime there’s a change in ownership even if it’s the best firm, it absolutely causes people to explore. Even if the intention is to stay, it’s irresponsible not […]

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Financial Planning

Cetera Shuts Down J.P. Turner

July 30, 2015 Howard Diamond Quoted Cetera Financial Group is slimming down. Shutting down Turner can also be seen as a branding move, says Howard Diamond, managing director of Diamond Consultants, an industry research and consulting firm. “Summit is the better name,” Diamond said. “It’s much more attractive to advisors. This was a smart thing for Cetera to do.” Read more…

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On Wall Street

Barclays Branch Manager Exits, Joins Wave of Departures

July 24, 2015 Barbara Herman Quoted By Andrew Welsch Since announcing a deal to sell its U.S. wealth management operations to Stifel, Barclays has lost advisors to rival firms such as Merrill Lynch and Morgan Stanley. “I think it has much more to do with Stifel. They’re building a relationship and using these weeks and months to demonstrate their support and commitment [to Barclays advisors],” says Barbara Herman, senior vice president at Diamond Consultants. “I think in a situation like this it’s all about connecting to Stifel’s leadership, management and making the fit,” she adds. Read more…

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Investment News

Wirehouses open doors to advisers who left

July 7, 2015 Mindy Diamond Quoted By Mason Braswell It’s homecoming season for some wirehouse advisers. As headcount continues to decline and competition for assets of veteran advisers grows, firms like Bank of America Merrill Lynch are now more comfortable extending bonuses and employment offers to what was once considered an off-limits group: advisers who had left the firm to join a competitor. “The competition for top advisers has gotten more fierce,” said Mindy Diamond, a recruiter with Diamond Consultants Inc. “Where people are going if they chose to leave is becoming more fractured, so the firms need to be more open-minded […]

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RIA Biz Financial Advisor News

Report: Focus Financial is preparing SEC paperwork for its initial public offering — but is it jumping the gun?

July 7, 2015 Mindy Diamond Quoted By Brooke Southall Focus Financial Partners LLC is engaged in legal and regulatory preparations to file an initial public offering — and along with that action come plenty of questions about its timing and whether anyone other than a vulture investor is in line for a significant payday. It’s no shocker that Focus may be ready to pull the trigger on a public offering, says Mindy Diamond, president of Diamond Consultants in Chester, N.J.. She recruits for Focus and has worked on deals with its advisory firms. “We always knew they were going public. […]

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WealthManagement-com

Move Once, Monetize Twice

July 7, 2015 By Mindy Diamond Consider this: You’re a long-tenured, top advisor at the same firm for most of your career, and you’re looking to work another five years or so. Some initial introspection is telling you that where you are now may not be where you want to be when you retire. The freedom, flexibility and support you had hoped for at this stage just isn’t there, and you worry that leaving the client relationships you have spent a lifetime building just isn’t quite right. Yet you wonder if a move so close to retirement might not be […]

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Investment News

Barclays brokers sniff at Stifel, jump to Merrill

June 30, 2015 Howard Diamond Quoted By Mason Braswell Fifteen advisers, including most recently a team in Texas managing $750 million in assets, have fled Barclays Plc U.S. wealth management group in the last month to join Bank of America Merrill Lynch following the announcement that Barclays unit was being acquired by the lesser known Stifel Financial Corp. “Those are the cherries that they want to have,” said Howard Diamond, a managing director at Diamond Consultants, a placement firm for financial advisers. “When the Stifel deal was announced, advisers weighed the retention package that they’d get from Stifel against a […]

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