May 14, 2026
Louis Diamond Quoted
By Katie Balevic, Mela Seyoum
It’s not uncommon for wirehouse advisors to chafe at the bureaucratic system they work within.
What is less common is a group of dozens of such advisors and their staff handing in their resignations at once and marching across the street to form their own independent firm.
But the move was years in the making for senior members of the team, who collaborated with recruiting firm Diamond Consultants. Chief Executive Officer Louis Diamond told FA-IQ that the OpenArc move demonstrates that the size of a team is not a permanent obstacle in the way of going independent.
“Just because you’re big and you’re complex — when there’s a will, there’s a way,” Diamond said.
