October 3, 2025
Louis Diamond Quoted
By Katie Balevic
As financial advisors move from big-brand wirehouses toward smaller independent shops or even their own independent firms, they must pitch that transition to their clients.
Advisors who have successfully transitioned to independent models and brought their client base with them told Financial Advisor IQ that it is important to emphasize the value they bring to clients — especially if those clients feel skittish about following an advisor who is leaving the wirehouse model.
Louis Diamond, chief executive officer of Diamond Consultants, said he tells advisors to “downplay how big of a change it is” without making light of it and emphasize the benefits of going independent.
“Focus on the fact that really what you’re doing at its core is you’re changing custodian[s]. So, instead of Merrill [Lynch], UBS or Morgan Stanley being the custodian, now it’s Schwab, Fidelity or Pershing, or what have you. That’s the key difference,” Diamond said.
