Louis Diamond Quoted
By Lisa Shidler
LPL Financial is rapidly morphing from an organic recruiting machine to a power roll-up that can absorb outsized frictional attrition, name its price and terms and even trash-talk the industry to send a signal to its investors and future M&A targets alike.
The deal terms are necessary because many of these advisors are likely reluctant to get rolled-up into the larger LPL, cautions Louis Diamond of Diamond Consultants based in Morristown, N.J.
“The thought I had is how many advisors LPL is going to lose. These broker-dealers were boutique, operating on different clearing platforms and have totally different cultures,” Diamond says.
