Howard Diamond Quoted
By Tobias Salinger
If LPL Financial retains about three-quarters of National Planning Holding’s business after its purchase of the 3,200-advisor network, CEO Dan Arnold will be happy.
LPL may also lose some current LPL advisors. Howard Diamond, managing director of recruiting firm Diamond Consultants, has spoken with advisors from both firms who are currently assessing their futures, he says. He cites Morgan Stanley’s purchase of Smith Barney as an example.
“It didn’t go smoothly, and they had deeper pockets and were better prepared to do it than LPL,” Diamond says. “Any time you have that number of advisors, things fall through the cracks.”