Louis Diamond Quoted
By Janice Kirkel
Just months after LPL Financial got its walking papers from a $2.2-billion AUA hybrid, the Boston-based IBD has fired a $10-billion firm under circumstances shrouded in mystery.
Louis Diamond, vice president of Diamond Consultants in Morristown, N.J., says LPL has recently stepped up its separations from associated firms and speculates that it may be part of a larger policy decision.
“Across the board we’ve seen a good number of terminations from LPL, much more so than in the past,” he says “There are some bad apples who deserve to be terminated but a good number where it’s clear LPL is looking to cull the ranks, swing down some of their smaller or riskier relationships.”