In the News

On Wall Street

Biggest recruiting moves in 2017

December 12, 2017 Louis Diamond Quoted By Andrew Welsch and Maddy Perkins It was a big year for recruiting moves. Nearly two dozen mega teams ― those managing $1 billion or more in client assets ― switched employers in 2017, according to hiring announcements. “We’ve seen teams that are going independent now are larger than they ever were before,” says recruiter Louis Diamond. “It’s partly because of the validation of other groups that have done it, the advancement of platforms and introduction of service providers in the space like Dynasty and Hightower that have enabled it to be so.” Read […]

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On Wall Street

Ex-Morgan Stanley wealth chief sees ‘tug-of-war’ on Broker Protocol

December 6, 2017 Louis Diamond Quoted By Charles Paikert Call it the Broker Protocol guessing game. Who’s in, who’s out and who’s next? Recent wirehouse decisions to exit or stay in the protocol have left industry insiders reading the tea leaves to determine the accord’s fate. Nonetheless, brokers remain anxious, said Louis Diamond, recruiter for Diamond Consultants. “They’re waiting to see what will happen,” Diamond said in an interview. “Getting a temporary restraining order is the biggest fear.” Read more…  

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Financial Advisor

Merrill, Defying Rivals, Decides To Remain In Recruiting Protocol

December 5, 2017 Mindy Diamond Quoted By Dan Jamieson Merrill Lynch is not making plans to leave the broker recruitment protocol, according to Andy Sieg, head of wealth management at the firm. Sieg addressed the protocol issue in a talk Monday with his management team, according to a company source familiar with the discussion. Recruiter Mindy Diamond said staying in the protocol was a good move for Merrill. “It tells advisors they trust in them and respect their choice to do what’s best for their clients,” she said via email. Read more…

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Will Merrill Be Next to Exit Broker Protocol?

November 30, 2017 Louis Diamond Quoted Merrill Lynch likely will be the next wirehouse to abandon the broker recruitment protocol, according to industry recruiters interviewed by InvestmentNews. Louis Diamond, vice president at Diamond Consultants, tells InvestmentNews: “Along with UBS and Morgan Stanley, Merrill has said that they would focus more on organic growth, and bringing in young people and trainees. Merrill stands to lose by far the most for staying in the protocol, particularly as their biggest rivals, Morgan Stanley and UBS, are no longer in it.” Read more…

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J.P. Morgan Moves Again, Hires from UBS in Atlanta, Dallas, Palm Beach

November 30, 2017 Louis Diamond Quoted By Jed Horowitz J.P. Morgan Securities continues to swell its broker ranks with refugees from firms pulling out of the Protocol for Broker Recruiting. Its latest target is UBS Financial Services, whose exit from the Protocol on Friday morning will expose its advisors to potential legal obstacles if they try to persuade former clients to follow them to a new firm. “They may as well pick up the right teams while they can and a good way to do that is to up the deal,” said Louis Diamond, a New York-based recruiter at his […]

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On Wall Street

Preparing for the Post-Protocol World

By Barbara Herman – With Morgan Stanley and UBS officially out of the Broker’s Protocol, and Merrill Lynch expected to soon follow suit, advisors need to prepare for life after the Protocol. More specifically, how you can best position yourself should you want to consider making a move in what has quickly become a “post-Protocol world”.

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Investment News

Merrill likely next big firm to dump broker recruiting protocol

November 29, 2017 Louis Diamond Quoted By Bruce Kelly Securities industry recruiters believe that Merrill Lynch will be the next wirehouse to drop the broker protocol for recruiting, as working under the agreement allows Merrill’s Thundering Herd too much leeway to take off for greener pastures. “Merrill will be the next shoe to drop in the next days or weeks,” said Louis Diamond, vice president at Diamond Consultants. “Along with UBS and Morgan Stanley, Merrill has said that they would focus more on orgaanic growth, and bringing in young people and trainees. Merrill stands to lose by far the most […]

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FUNDfire

UBS, Morgan Stanley Change Advisor Recruiting Landscape

November 28, 2017 Louis Diamond Quoted By Danielle Verbrigghe UBS has followed Morgan Stanley in exiting the protocol for broker recruiting, dealing a serious blow to the landmark agreement meant to limit litigation when advisors change firms. “When one firm makes a big move like this, the other ones follow,” says Louis Diamond, V.P. of Diamond Consultants, an advisor recruiting firm. It seems likely that Merrill Lynch, which has also made efforts to scale back recruiting, could be the next one to leave the agreement, Diamond says, noting that he doesn’t have specific knowledge of the firm’s plans. Read more…

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RIA Biz Financial Advisor News

How UBS exited the Broker Protocol and why the aftereffects may surpass Morgan Stanley’s earlier departure

November 27, 2017 Louis Diamond Quoted By Brooke Southall Like a belled Swiss cow in a china shop, UBS exited the Broker Protocol. But the leave-taking didn’t soften the heady impact of the act or provide the answer to a big question: What will Wells Fargo do? “It’s a huge deal,” says Louis Diamond, recruiter for Diamond Consultants in New York. He sees the timing of the exit tied to UBS as the biggest signer of retention deals in 2008-’09 — retention deals which are now expiring — and to some of the vulnerability UBS has shown of late to smaller dynamos like First […]

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The Wall Street Journal

Wall Street Fights to Keep Brokers

November 27, 2017 Mindy Diamond Quoted By Lisa Beilfuss Two of Wall Street’s biggest firms have a message for their brokers: Leave at your own risk. Meanwhile, firms including Raymond James Financial Inc. and Dynasty Financial Partners, which offer breakaway brokers a place to run their own advisory business without having to deal with matters such as payroll and compliance, are “killing it right now,” said Mindy Diamond, an industry recruiter based in New Jersey. Read more…

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