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

Merrill Lynch’s second act for RIA reinvention is revealed but may yield ‘field day’ for classic RIAs in the short term

Posted by Louis Diamond

RIA Biz Financial Advisor News

Howard Diamond and Louis Diamond Quoted
By Lisa Shidler

Bank of America made the second major move of an emerging master plan to recast Merrill Lynch as more of a bank subsidiary and less of a renegade satellite.

Such unilateral disarmament by Merrill, however strategic in nature for the long term, will inevitably expose it to losses at the hands of players in all advice channels, says Howard Diamond, of Diamond Consultants in Chester, N.J. Until now, Merrill lured advisors with fat bonuses and now that those are a thing of the past, RIAs may win more advisors.

“I think that Morgan, Wells, regionals and RIA firms are going to have a field day recruiting current Merrill financial advisors as well as those who would have looked at Merrill had they not pulled their deal,” he writes.

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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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