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In the News

LPL’s big National Planning Holdings buy is a high-stakes bet

Posted by Howard Diamond

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.”

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About Howard Diamond

Chief Operating Officer and General Counsel – A legal and business background combined with over a decade of experience in the wealth advisory space. Already a successful lawyer and litigator, the growth of Diamond Consultants presented a new career opportunity for Howard in 2005. Learn more...

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