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WealthManagement-com

Paralyzed By Fear

February 16, 2018 By Mindy Diamond In the moments when we need to make a critical decision that could alter everything, the “what if” scenarios often rise to the surface, only to stop us dead in our tracks. Then one of two things happens: You make a decision and move boldly on with your life, or fear takes hold. For me, it’s a feeling I first recall when I was 6 years old, and my father insisted I was ready to ride my bicycle without training wheels. I was absolutely terrified, and I thought, “What if I fall and get hurt? […]

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WealthManagement-com

Can Your Firm Withstand the Three-Year Challenge?

February 1, 2018 By Mindy Diamond With so much choice in terms of business models and affiliations, advisors have little excuse to stay at a firm that no longer serves their clients or their careers in a way that’s anything short of optimal. Yet the day-to-day of business and relationship management often takes priority, and few rarely stop to take a closer look at their firm. Read more…

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RIA Biz Financial Advisor News

How a $500-million Commonwealth rep became a $5-billion-plus RIA in two years and where Dynasty’s M&A war on roll-ups comes in

January 19, 2018 Louis Diamond Quoted By Oisin Breen As part of a single sweep of 2018 transactions, a mezzanine RIA in Steel City purchased Cantor Fitzgerald’s first, best and last RIA asset and, in the process, became the advisor to the area’s largest employer’s 401(k) plan. D.B. Root & Co. LLC is now a ballpark $5.2 billion player with a vastly enlarged presence in the retirement business. The AUM comes with an asterisk because about $4.5 billion is still to be paid for next January. What’s the deal? “In the past, the number of what we would call wealth credential buyers — meaning they have […]

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Investment News

Relying on trainees, Merrill Lynch boosts adviser headcount in 2017

January 17, 2018 Louis Diamond Quoted By Bruce Kelly Despite cutting back on recruiting experienced financial advisers, Merrill Lynch increased its adviser headcount by 2% in 2017, adding 333 people for a total of 14,953 at the end of last year, according to Merrill’s parent company, Bank of America, which released its fourth quarter earnings Wednesday. “Those numbers validate what Merrill’s goal was, to deemphasize experienced adviser recruiting and emphasize training,” said Louis Diamond, vice president and senior consultant at Diamond Consultants, an industry recruiter. “It’s putting young and new advisers in bank branches. That’s the strategy Merrill and Bank […]

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WealthManagement-com

Choose Your Destination Before Charting the Course

January 16, 2018 By Mindy Diamond In a world where ensuring asset growth and gaining scale is important to every firm, you are on the radar of every recruiter and manager in your market. Of course you should accept the invitations from them. It’s flattering to be wanted, and it’s certainly important to get an understanding of what the competition is doing. The only problem with this approach is that it isn’t strategic. After a series of random meetings, most advisors report back that they are more confused than ever and less certain of whether any of the options would […]

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Bloomberg

Inside Wall Street’s Towers, Traders Grouse Over Trump Tax Plan

December 20, 2017 Louis Diamond Quoted By Laura J Keller, Ben Steverman and Max Abelson Wall Street traders who rake in hundreds of thousands of dollars a year or more eagerly awaited a Republican overhaul of the U.S. tax code. Now, many are huddling with accountants and concluding the real gains will go to billionaires and other captains of the industry. Those in trenches — the merely wealthy — are grousing. “This provides a clear incentive for financial advisers to go independent,” said Louis Diamond of Diamond Consultants. “We’re hearing from a lot of clients on this; it’s just another reason […]

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Brokers bounce as wires cut; RIAs rally but see fees squeezed

December 19, 2017 Louis Diamond Quoted By Janice Kirkel As 2017 comes to a close, the year-end research attempting to take the pulse of the advisor market is hitting inboxes everywhere. And it may not be what you expect. One recruiter, Louis Diamond of Diamond Consultants, said he was surprised by this finding. ‘Certainly we see the wirehouses losing market share to the regional broker-dealers (Raymond James, Janney, RBC, Ameriprise), but from where we sit, we see the RIA segment in particular is growing the most rapidly,’ he said. ‘With the advancements in technology, DOL pressures, and stronger economics, the […]

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Financial Advisor-IQ

Regional Broker-Dealer Assets Grow 1.9% Faster Than Industry

December 19, 2017 Louis Diamond Quoted Assets in the broker-dealer space have grown faster than in any other wealth management channel, according to recent Cerulli Associates data cited by InvestmentNews. National and regional broker-dealers have grown assets 9.1% year-on-year, or about 1.9% faster than the rest of the industry, according to the report. Wirehouse brokers unhappy about changes to their compensation, lack of control and increasing bureaucracy are heading to regional brokerages because these firms offer better options for monetizing their practice than going indie, Louis Diamond, vice president of Diamond Consultants, tells InvestmentNews. But he warns that regional brokerages are still behind wirehouses […]

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Investment News

TD Ameritrade report says brokerage industry driving reps out the door

December 18, 2017 Louis Diamond Quoted By Jeff Benjamin The breakaway broker trend is real and only getting more so, according to the latest research from TD Ameritrade Institutional, which Monday morning released its 2017 Breakaway to Independence Survey. Louis Diamond, vice president at Diamond Consultants, said the brokerage industry has suffered enough “black eyes” since the 2008 financial crisis that it no longer carries the same level of swagger with consumers. “Advisers are no longer thinking they need the wirehouse logo on their business card to be successful,” he said. “Breakaways have come to realize their clients are with […]

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Investment News

Broker-dealer asset growth outpaces rival channels, Cerulli says

December 15, 2017 Louis Diamond Quoted By Bruce Kelly It’s been a good year for broker-dealers, compared with rival channels. The latest data from research and consulting firm Cerulli Associates found that national and regional B-Ds grew assets at a rate of 9.1% year-over-year, faster than all other adviser channels. Louis Diamond, vice president of Diamond Consultants, said he wasn’t surprised at all by the strong growth at B-Ds. “There’s a lot of headwinds facing the wirehouses now,” Mr. Diamond said. “There’s a general unhappiness with the bureaucracy, changing compensation structures and lack of control that advisers face. The response […]

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