Mindy Diamond Quoted
By Joyce Hanson
Recruitment momentum in the registered investment advisor (RIA) and regional space should jump higher in 2013 after a slow 2012, as advisors in search of independence are now sufficiently prepared to make a move, recruiter Diamond Consultants reported Wednesday.
Diamond predicts this year is likely to be a more robust recruiting year than last based on inbound calls and conversations with advisors, as well as deals closed in January and those now in progress.
While Diamond’s 2013 forecast is strong, 2012 was an average to down year for advisor transitions as fewer (but larger) advisors moved. The average trailing 12-months of deals executed by top recruiters was in the $2 million to $3 million range, up substantially from 2011, the Chester, N.J.-based recruiting firm reported.
“We observed that larger advisors—those with higher annual production and total assets under management—were exploring options and on the move to take advantage of the record-high transition packages being offered by wirehouses and because frustration levels amongst the longest tenured advisors at these firms have increased substantially,” said Mindy Diamond, president and CEO, in a statement.
