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Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
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In the News

How Ex-Morgan Stanley powers are rolling up ex-colleagues and how big Raymond James cash fits into the picture

Posted by Mindy Diamond

RIA Biz Financial Advisor News

Mindy Diamond Quoted
By Lisa Shidler

Raymond James has executed a complicated deal that involves ponying up millions of dollars for recruiting bonuses to boost former Morgan Stanley branch managers in their effort to win back their former charges to a new company.

It is not surprising that Steward already has takers, given its niche, says Mindy Diamond, president of Diamond Consultants. “It’s somewhere between the wirehouses and independent. It’s the best of both worlds. They get a single provider in Raymond James and a solid brand name in Raymond James and a competitive payout, equity in Steward and profit sharing. They also get a commitment that Steward will buy their business when they’re ready to retire.”

Unlike traditional independents, one key difference here is the manager in place at each branch working with advisors, Diamond says. “You’re getting more freedom than at a wirehouse, but you’re a W2 employee. So, it’s really somewhere in between.”

The ideal advisor is one with $1 million in revenue, she says. Anyone with $3 million to $5 million in revenue is likely to choose another option.

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About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

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