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

IBD and wirehouse ‘dinosaurs’ fighting for survival

Posted by Louis Diamond

On Wall Street

Louis Diamond Quoted
By Tobias Salinger

Broker-dealers have seen the writing on the wall — adapt to the changing industry or risk extinction, according to a new report from Cerulli Associates.

The fiduciary status of RIAs does leave them in a stronger position than IBDs with prospective clients, according to recruiter Louis Diamond of Diamond Consultants. He views the fiduciary rule as the primary concern facing IBDs due to its direct impact on longtime revenue sources like 12b-1 fees.

BDs such as PKS, Mutual Securities and Private Client Services serve as scaled-down “friendly broker-dealers” for dual-registered advisors, Diamond says. The approach, which is becoming more popular, helps advisors avoid the administrative fees and pay grids of larger BDs such as LPL, he says.

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About Louis Diamond

President – Someone who “looks at every angle from a strategic perspective.” Sophisticated advisors and business owners alike learn quickly that they’ve found the right person in Louis when seeking counsel and clarity on growth, career management and the ever-changing industry landscape. Learn more...

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