June 29, 2018 – By Mindy Diamond – WealthManagement.com – There is an interesting trend emerging in the wealth management industry: banks and traditional brokerage firms starting to acquire registered independent advisory businesses. It should come as no surprise—as the proverbial puck heads toward independence with advisors large and small trading their W-2s for 1099s—that we’re seeing more of these two scenarios.
In the News
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June 28, 2018 – Louis Diamond Quoted – By Jeff Benjamin, InvestmentNews – A fledgling New York-based financial advisory firm aims to make a big splash as a consolidator by baiting the hook with access to sophisticated investments.
June 25, 2018 – Louis Diamond Quoted – By Tobias Salinger, Financial Planning – Advisor Group’s second acquisition of the year carries the potential to make it bigger than any other independent broker-dealer network, while pushing its largest subsidiary into the top 10 firms in the space.
Some major questions loom over the success of the deal, though.
June 15, 2018 – Louis Diamond Quoted – By Michael Thrasher, WealthManagement.com – In wake of U.S. courts axing the Department of Labor’s retirement savings rule, Merrill Lynch told its field of more than 14,000 financial advisors on Friday that the brokerage is reevaluating its policies and procedures, especially those related to retirement accounts.
June 13, 2018 – Louis Diamond Quoted – By Bruce Kelly, Investment News – The biggest firms continue to lose groups of financial advisers that have billions of dollars worth of assets under management. These advisers are moving because they want to set up their own shops so they can own a business or to work at smaller rivals where they’ll get more autonomy and a nice bump in pay.
May 24, 2018 – Louis Diamond Quoted – By Brooke Southall, RIABiz – Focus Financial filed the paperwork to complete an initial public offering. The New York-based roll-up, which recorded revenues of $663 million in 2017 filed an S-1 form with the U.S. Securities and Exchange Commission and the Nasdaq symbol will be FOCS. No pricing information was given.
LPL shares skyrocket near to $72 after signaling to Wall Street a cheaper, better way to lure assets and advisors
May 23, 2018 – Louis Diamond Quoted – By Brooke Southall, RIABiz – Shares of skyrocketed to another record close of $71.91 yesterday as the firm continues to struggle with recruiting advisors and retaining recruiters. The higher stock market valuation and a new recruiting stance may have a surprising connection, observers claim off the record. The departures likely boil down to recruiters choosing the path of least resistance, says Louis Diamond, New York-based principal of Diamond Consultants.
May 18, 2018 – Louis Diamond Quoted – By Barron’s – Wells Fargo Advisors experienced fewer advisor departures early this year than during the same period of 2017. This could signal its advisors are less worried by the parent company’s banking scandal or that Wells has figured out how to better retain advisors. One recruiter said Wells Fargo appears to have addressed the problem.
May 17, 2018 – Louis Diamond Quoted – By Bruce Kelly, InvestmentNews – Wells Fargo Advisors has slowed the bleeding of its financial advisers that began after September 2016. That’s when Wells Fargo & Co. revealed a scandal in its retail banking that resulted in the company being fined $185 million for opening accounts for a few million customers without their knowledge or approval — a public relations nightmare that also alienated some of the firm’s advisers. One recruiter said it looked like Wells Fargo had gotten its arms around the problem of watching valuable advisers walk out the door after the banking scandal.
May 10, 2018 – Barbara Herman Quoted – By Bruce Kelly, InvestmentNews – At a time when the financial advice industry is desperately attempting to become younger and more diverse, Edward Jones’ move earlier this week to tap a woman as its next managing partner will only make the firm more attractive to potential female candidates seeking to work as an adviser, industry observers said. “I think two things are meaningful to advisers. First, that leadership comes from the rank and file, one of their own,” said Barbara Herman, a senior vice president at Diamond Consultants, a recruiting firm for advisers. “She started as an FA and that resonates with advisers.”
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