Louis Diamond Quoted
By Brooke Southall
As a son who helped his mother run a chain of flower shops, Matthew Celenza was accustomed to working 20-hour days.
But he wanted his own career to look different.
He chose Schwab largely because it has a key RIA service center just blocks from his office and because Schwab, to his mind, is the custodian that has most recently updated its basic technology platform for RIAs. Celenza compliments its “simplicity.”
Louis Diamond, recruiter for Diamond Consultants, says the selection of Schwab seems to follow a familiar pattern.
“All else equal, advisors on the West Coast tend to favor Schwab and East Coast prefer Fidelity based on home office locations,” he says. “Perhaps Schwab has stepped up their competitiveness for pricing? Additionally, success breeds success, so if advisors are seeing more of their former wirehouse colleagues choose Schwab they may follow suit as a result.”