In the News

Financial Advisor

What You Need To Know About UBS Leaving The Protocol

November 27, 2017 By Mindy Diamond No doubt the headlines exclaiming that UBS pulled out of the Protocol have reached you by now. This news comes with little surprise and we fully expect that Merrill Lynch will soon follow suit. Certainly, announcements like this cause an abundance of emotions from fear and anxiety to anger and everywhere in between for advisors who were protected by the seminal document. There are some realities of which all advisors should be aware of before allowing their emotions to get the best of them. Read more…

Read more...
Financial Advisor

UBS Pulls Out Of Protocol, Merrill Expected To Follow

November 27, 2017 Mindy Diamond Quoted By Dan Jamieson UBS Financial Services is pulling out of the broker recruiting protocol. The move by UBS, which had announced earlier this year it would scale back recruiting efforts and focus on retention of existing brokers, was expected.   Mindy Diamond, president and CEO of Diamond Consultants, said she thought that Merrill Lynch, a unit of Bank of America, could soon exit the protocol. Speaking two weeks ago at the annual Schwab Impact conference in Chicago, Bernie Clark, executive vice president of Schwab Advisor Services, also predicted additional wirehouses might follow Morgan Stanley. […]

Read more...

Steps to Take When Your IBD Is Sold

November 22, 2017 Mindy Diamond Quoted While it’s normal to feel unnerved, advisors whose firms are transitioning ownership can take several concrete steps to feel more secure, writes Mindy Diamond, president and chief executive of Diamond Consultants, in a column for WealthManagement.com. She suggests advisors start by defining their goals and agenda, which allows them to more deftly weigh their options. She also suggests advisors begin the process of fully vetting the acquiring firm’s offerings, platform and retention package. This means holding the new firm to the same standards you would another broker/dealer, she writes. Read more…

Read more...
WealthManagement-com

What Happens When Your IBD Is Sold

November 22, 2017 By Mindy Diamond When LPL announced their purchase of four National Planning Holdings (NPH) firms, it wasn’t just another day at the office for advisors in the independent broker/dealer space. “I feel like I’m riding a wave of disruptive uncertainty,” one IBD advisor said to me. “Are we next?” The feeling of “disruptive uncertainty” is quite understandable. The notion that everything you built your life’s work upon may change at any time can be quite unsettling. No one checks in with you first to see if you want things to change; it just happens. And when it happens, […]

Read more...
Investment News

Women don’t need to be advisers to succeed in advice industry

November 20, 2017 Mindy Diamond Quoted By Vanessa Drucker Emotional intelligence is a core asset for any adviser, and one where women often excel. But serving as a financial adviser is not the only role in the advice industry where women can shine. Today, women are making an impact in a variety of professional roles, ranging from marketing and recruiting to compliance and technology. “Being a woman works to my advantage,” said recruiter Mindy Diamond, president of Diamond Consultants. Although recruiting can be very transactional, Ms. Diamon described her approach as more “relationship-driven and thoughtful.” She counsels advisers to be […]

Read more...
New York Post

Morgan Stanley nixes protocol pact, blocking brokers’ exits

November 19, 2017 Howard Diamond Quoted By John Aidan Byrne Morgan Stanley has locked the gates to keep its high-priced wealth management brokers from fleeing. The new edict — breaking with a 13-year-old agreement known as the Protocol for Broker Recruiting — enacted on Nov. 3 means the bank will threaten wealth management pros with costly litigation if they bolt for a rival brokerage. “Recruiting advisers for the wirehouses used to be 98 percent of my business — and now it’s a much, much smaller percentage of my practice,” said Howard Diamond, managing director at industry recruiter Diamond Consultants. “For […]

Read more...
Investment News

RBC Wealth Management on recruiting roll

November 14, 2017 Howard Diamond Quoted By Bruce Kelly RBC Wealth Management is on a recruiting tear in 2017, as its recruiting bonus remains one of the most attractive on Wall Street, according to industry sources. “In the last year, as the wirehouses have pulled back on deals, RBC has not,” said Howard Diamond, chief operating officer and general counsel for Diamond Consultants, an industry recruiter. RBC is a client of Diamond Consultants, he said. “It’s one of the most aggressive deals on the street,” he said. “RBC is looking to actively recruit advisers from the wires. They are sick […]

Read more...
Financial Planning

Will LPL’s RIA changes help or hurt its recruiting? By

November 8, 2017 Louis Diamond Quoted By Tobias Salinger With LPL Financial trying to woo thousands of National Planning Holdings advisors while fending off the long-term threat posed by RIAs, the firm is offering advisors a better deal on its corporate RIA. “It’s another maneuver by them to get people off the outside custodians and onto the corporate platform,” Louis Diamond of Diamond Consultants says, calling the lowered fees a win for advisors already on the platform and a boon to LPL’s compliance efforts and bottom line. “They did an analysis and they know it’s much more profitable and safer […]

Read more...
Investment News

Breakaway broker deals a drag on M&A activity in third quarter

November 7, 2017 Mindy Diamond Quoted By Jeff Benjamin A recent slowdown in the pace of reps leaving brokerage firms is seen as largely responsible for the sudden dip in merger and acquisition activity in the advisory space, according to the latest report from DeVoe & Co. The question now, is whether a wirehouse trend away from broker protocol will spark a fresh surge in breakaway activity. Mindy Diamond, president of the recruiting firm Diamond Consultants, believes the potential for more firms abandoning protocol “absolutely will drive breakaway movement.” The protocol trend “shows firms are looking to further marginalize reps […]

Read more...
Financial Advisor-IQ

Why Morgan Stanley’s Protocol Rupture Isn’t a Factor for Many Team Departures

November 6, 2017 Mindy Diamond Quoted By Murray Coleman Despite reports indicating a bevy of Morgan Stanley advisors are jumping ship now that it’s breaking with industry protocol for handling employment moves, not everyone’s convinced such a policy reversal is behind any new uptick in recruiting activities. In fact, several wealth management headhunters say they doubt it’s even possible from an operational standpoint for newly-minted job changers to spin on a dime. “These decisions aren’t made over a matter of days or weeks,” says Mindy Diamond, a longtime industry recruiter and consultant. Read more..

Read more...
Page 3 of 3312345...102030...Last »