Mindy Diamond Quoted
A fast-growing independent brokerage practice of LPL Financial transformed itself this year to focus on registered investment advisor (RIA) compliance – but aims to keep the “fast-growing” part. By flicking the switch to send its brokerage compliance work to LPL and using its own advisor registration, Independent Financial Partners, which bills itself as the “largest RIA in Florida,” is keeping many elements of its old business model.
The tuck-in phenomenon is growing in popularity among both smaller breakaway advisors and smaller RIAs because it saves them from the “headaches and brain damage you get building from scratch,” says Mindy Diamond, president and CEO of Diamond Consultants, a recruiting firm. “There are many folks that want independence but don’t want to be entrepreneurs themselves, dealing with establishing or running the infrastructure. They do not want to reinvent the wheel.”
