November 9, 2020
Louis Diamond Quoted
By Ellen Sheng
Plenty of advisors are yearning for more independence, but that can mean any number of options these days. Advisors may find their freedom at another firm, an existing RIA or an independent broker-dealer.
Advisors may also find more independence at regional firms or independent broker-dealers.
“We’re seeing a lot of advisors really like what we would call the regional firms,” says Louis Diamond of Diamond Consultants, citing firms such as Raymond James and RBC Wealth Management.
Advisors at regional firms are still employees, so compliance, technology, and other aspects are covered by the firm. However, these smaller, regional firms have more of an advisor culture and are less bureaucratic. They also don’t change their compensation schemes as often.
“Many advisors look at a different culture as being a breath of fresh air,” Diamond says, especially if they aren’t interested in becoming entrepreneurs.