April 2, 2025
Louis Diamond Quoted
By Sam Del Rowe
LPL Financial’s acquisition of Commonwealth Financial Network has solidified its dominant position in an evolving space where independent broker-dealer firms are repositioning themselves to serve a wider spectrum of advisors, according to industry watchers.
LPL Chief Executive Officer Rich Steinmeier expressed admiration for the smaller, privately held Commonwealth on a podcast last month with industry recruiter Louis Diamond.
“There are firms that are better than us in the marketplace and when I run into those firms, I freaking love them. Commonwealth is fantastic in the marketplace and the way that they listen to their advisors, so let’s try to be great like them,” he told Diamond, president of Diamond Consultants.
