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Investment News

Morgan Stanley’s broker protocol exit: How did we get here?

November 3, 2017 Mindy Diamond Quoted By Greg Iacurci Morgan Stanley dropped an industry bombshell this week upon announcing it would leave the broker protocol, a 13-year-old agreement that governs how financial advisers could leave one brokerage firm for another without getting in legal trouble. Mindy Diamond, president and CEO at recruiting firm Diamond Consultants, equates the agreement to a “mutual truce” — advisers who were part of signatory firms could leave without being sued if they followed certain rules, such as only taking a limited amount of client information. Read more…

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Financial Planning

Woodbury Financial lures $2B OSJ after LPL deal

November 2, 2017 Barbara Herman Quoted By Tobias Salinger Woodbury Financial Services notched its second major recruiting grab in just two weeks, adding an SII Investments firm with $2 billion in client assets and 52 advisors to its ranks. “They have the size, the scale, the quality, but they certainly have the means of supporting these OSJs,” says Barbara Herman, a senior vice president with Diamond Consultants. “There’s sort of this short list of proven winners in this space who can handle the complexity of a large OSJ move.” Read more…

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FUNDfire

LPL Pushes Hybrid RIAs to Join Corporate Advisory Platform

November 1, 2017 Louis Diamond Quoted By Danielle Verbrigge LPL Financial is ramping up efforts to convince firms in its hybrid registered investment advisor (RIA) channel to use its corporate advisory platform instead. That includes offering more transition assistance to convince existing hybrids to move to the corporate advisory platform and focusing recruiting support on advisors using the corporate platform. Starting next year, LPL is also barring small advisors or practices with less than $50 million in advisory assets from joining the hybrid channel. Now, LPL has taken a “drastic approach to rein in hybrid advisors,” says Louis Diamond v.p. of Diamond Consultants, an […]

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RIA Biz Financial Advisor News

Timing of Morgan Stanley’s Broker Protocol withdrawal sends shocks through RIA legal and recruiting circles

October 30, 2017 Louis Diamond Quoted By Brooke Southall From Morgan Stanley’s perspective, Phil Shaffer never should have walked out the door with $4 billion to $5 billion of client assets and a whole team to staff his new RIA, Halite Partners LLC. The New York-based wirehouse wanted to keep the Barron’s-ranked super-producer for more than just his substantial assets and revenues. Shaffer was family, having co-founded the elite Graystone Consulting-branded unit inside Morgan Stanley. Back in New York, recruiter Louis Diamond’s high-concept risk assessment of short-term consequences was as follows: “This is a big deal for RIAs and IBDs. They can be brought into a lawsuit.”l “We […]

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Bloomberg

Morgan Stanley Roils Brokerage World by Exiting Accord

October 30, 2017 Louis Diamond Quoted By Hugh Son Morgan Stanley, the world’s biggest brokerage by adviser count, has dropped out of an industry accord that allows financial advisers to defect to competitors without getting sued by their former employers. “I’d be shocked if Merrill and UBS don’t follow suit,” said Louis Diamond of Diamond Consultants LLC. “Those are the firms that have the most to lose with this deal after they’ve all said they’re not recruiting as much.” Read more…

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Investment News

Morgan Stanley dumps broker recruiting protocol

October 30, 2017 Howard Diamond Quoted By Bruce Kelly Morgan Stanley’s decision to leave an industry agreement known as the protocol for broker recruiting is an indication that the firm is working harder than ever to prevent its brokers from jumping ship, industry sources said. One veteran adviser wondered whether a non-solicit agreement could be applied to existing accounts or only to new clients. “Would that be supported for accounts retroactively or newly opened,” asked the adviser, who requested to speak anonymously. He added that he had not seen anything in writing from the company about a new non-solicit agreement. […]

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BREAKING: Morgan Stanley to Pull Out of Recruiting Pact with Rival Firms

October 30, 2017 Louis Diamond Quoted By Jed Horowitz and Mason Braswell Morgan Stanley said Monday that it is dropping out of the Protocol for Broker Recruiting that large firms signed more than a decade ago, underscoring what it calls its “commitment” to spend money on retaining experienced brokers and training new ones rather than hiring them from rivals. “it’s likely a matter of time before the other major players do the same,” said Louis Diamond, a vice president at Diamond Consultants, a recruiting firm for brokers. Read more…

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Investment News

UBS scales back recruitment loans, boosts profits

October 27, 2017 Mindy Diamond Quoted By Jeff Benjamin More than a year after committing to cut spending on brokerage rep recruiting, the results are hitting the bottom line at UBS Wealth Management Americas. “It’s a very smart short-term play, but I’m not sure how sustainable it is because the rest of the industry is still recruiting with abandon,” said Mindy Diamond, president of the recruiting firm Diamond Consultants. “The big firms run on scale, so if they keep having attrition without replacing those reps it will be bad for them in the long run,” she added. Read more…

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WealthManagement-com

Don’t Be a Jerk

October 24 , 2017 By Mindy Diamond Many advisors assume it’s a seller’s market, where they’re in the driver’s seat and have a free pass to act without concern for how they come across to the hiring manager. They often barrel forward with the demeanor of someone who’s ready to fight for the best deal on a new car. But being unkind to recruiters is not likely to get you what you want—a positive attitude is more likely to attract positive results. Read more…

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FUNDfire

Edward Jones Hits $1T, Seeks Advisors with Big City Chops

October 16, 2017 Mindy Diamond Quoted Regional brokerage Edward Jones is taking its recruitment push to Wall Street, as its assets under management surpass $1 trillion and it hunts for big city advisors to serve its growing roster of big city clients, The Wall Street Journal reports. Wirehouse recruitment bonuses aren’t as rich as they used to be, with the giant firms more focused on retaining their big-dollar producers. That leaves a gap in defenses that smaller brokerages like Edward Jones can exploit, says recruiter Mindy Diamond, president and founder of Diamond Consultants. “The playing field has been leveled,” placing some veteran advisors within Edward Jones’ grasp […]

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