October 10, 2018 – By Mindy Diamond, WealthManagement.com – Truth be told, no advisor purposefully sets out on a path of missteps when making a move; in fact, most aren’t even aware of what can actually go wrong. There are some common pitfalls that can add layers of difficulty or even derail a move altogether. Being aware of them can alleviate much of the stress while paving the way for a far smoother transition process. Here are the six most common mistakes advisors make.
In the News
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October 2, 2018 – Louis Diamond Quoted – By Bruce Kelly, InvestmentNews – Wells Fargo Advisors has lost hundreds of brokers and advisers over the last two years to rivals in the wake of scandals at its parent bank, but one firm, Benjamin F. Edwards & Co., has perhaps the greatest long-term success in recruiting advisers and employees from the beleaguered brokerage firm.
Goldman Sachs wall shows cracks as advisor departures accelerate; Why Gary Hirschberg, the latest breakaway, risked legal ire, 90-day sideline to go solo as RIA
October 1, 2018 – Mindy Diamond Quoted – By Brooke Southall, RIABiz – Goldman Sachs & Co. is losing wealth managers at an accelerating rate, with seven departures in the past 12 months; another is crouched for the leap and several more are out shopping, according to recruiters and industry observers.
LPL Financial markets itself as a savior to reps at 14 IBD firms under the ‘precarious’ spell of private equity investors, despite its own private equity past
October 1, 2018 – Louis Diamond Quoted – By Lisa Shidler, RIABiz – LPL Financial has circulated two documents that paint private equity investors as hobgoblins to be avoided by IBDs, while inviting brokers to join LPL, which, ironically, has the same hobgoblins in its past and now answers to demanding stockholders.
September 28, 2018 – Louis Diamond Quoted – By Davis Janowski, WealthManagement.com – Despite the attrition of wealth teams that regularly break away from Wall Street, there is no shortage of individuals, many of them young college graduates, looking for the opportunity to break in.
September 24, 2018 – Howard Diamond Quoted – By Thomas Coyle, AdvisorHub – A career Goldman Sachs broker and a former Morgan Stanley duo who left earlier this summer after allegations they ran afoul of compliance rules are re-emerging as independent investment advisers.
September 24, 2018 – Louis Diamond Quoted – By Morey Stettner, Investor’s Business Daily – Few people propose marriage on a whim. In the financial advisor business, the same goes for those who weigh whether to enter into a professional partnership. It’s more common to think carefully about the commitment you’re considering — and examine the likelihood of its success.
Morristown, NJ – Speaking with Mindy Diamond, Founder, President and CEO of Diamond Consultants, in her Morristown office today is a far cry from where she started some 20-years ago. Although she fondly recalls the early days of working from her bedroom floor, “With nothing more than a pad, a pen and a phone.” Today, Diamond is the leader of a 12-person team, which includes her husband Howard Diamond, a lawyer who serves as the firm’s COO and General Counsel, and son Louis Diamond, Executive Vice President and Senior Consultant.
September 13, 2018 – By Mindy Diamond, WealthManagement.com – We hear it from advisors all the time: “Things are far from perfect, but we’re keeping our heads down and waiting to see what happens next.”
September 13, 2018 – Louis Diamond Quoted – By Oisin Breen, RIA Biz – Elliot Weissbluth is the new chairman of HighTower Advisors, and the final selection of a CEO to replace him is imminent.
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