• Home: Leading Financial Advisor Recruiting Firm
  • About Us
    • Meet the Team
    • Testimonials
  • Services
    • For Financial Advisors
    • For Financial Services Firms
    • For Independent Business Owners
    • Our Process
    • Case Studies for Financial Advisors
    • Representative Deals
  • FAQs
  • Blog
  • Podcast
    • Industry Update
    • Independence 101 Series
  • News/Media
  • Tools/Resources
    • FAQs for Merrill Advisors
    • FAQs for UBS Advisors
  • Contact Us
  • Subscribe for Updates

Questions? Call us: 908-879-1002

Contact us...
Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
  • Home
  • About
    • Meet the Team
      • Mindy Diamond
      • Louis Diamond
      • Howard Diamond
      • Barbara Herman
      • Deborah Aronson
      • Wendy Leung
      • Cathy Nichols
      • Debbie Wallen
      • Allison Brunwasser
      • Joshua Tomolak
      • Shelley Muzio
      • Laura McGreevy
      • Caryl Felicetta
    • Testimonials
  • Services
    • For Financial Advisors
    • For Independent Business Owners
      • Sell-Side M&A Advisory
      • Consulting
    • For Financial Services Firms
      • Recruiting
      • Sell-Side M&A Advisory
    • Case Studies for Financial Advisors
    • Representative Deals
  • FAQs
  • Blog
    • Subscribe for Updates
  • Podcast
    • Industry Update
    • Independence 101 Series
    • Subscribe for Updates
  • News/Media
    • Moves in the News
  • Tools/Resources
    • FAQs for UBS Advisors
    • FAQs for Merrill Advisors
    • Other Tools For Advisors
    • Subscribe to e-Newsletter

In the News

Schwab upends traditional ‘basis point fees’ for RIA recruitment and pushes the headhunters to negotiate with advisors for a cut of soft-dollars

Posted by Mindy Diamond

March 3, 2021
Mindy Diamond and Louis Diamond Quoted
By Lisa Shidler

Schwab Advisor Services has sent shockwaves through the recruiting world by rewiring how it pays for their services — perhaps laying the groundwork to slash commissions and cut out smaller recruiters.

But Mindy Diamond, who founded the industry’s largest recruiting firm, Diamond Consultants in Morristown, N.J., says the changes are a sunlight solution in search of a darkness problem.

Fees are spelled out clearly, and it’s not changed for more than two decades — namely 6% of the advisor’s previous 12 months of revenues.

“Advisors always want to know how we’re paid and who we represent,” she says. “Our answer is always the same: we represent you.”

It’s too soon to know how this new pay structure will change the specifics of recruiting, says Louis Diamond, president of Diamond Consultants, a leading recruitment firm.

“We have to figure it out. It’s all kind of fresh. We’re confident in our services and business model. Our business will be better and stronger and we think of it as an opportunity.”

Read more…

You may also be interested in...

Share
0
Mindy Diamond

About Mindy Diamond

President and CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

Subscribe to the Series

Get updated by email when a new episode is added.

Please note that all requests are handled with complete discretion and confidentiality.


 

Other Recent Episodes

  • Michael Kitces on Everything Financial Advisors Need to Know About Growth
  • 6 Months Later: Why a Former UBS Lifer Considers Independence His “Do Over”
  • A Rare Glimpse into the Culture, Cachet and Success of First Republic
  • Preparing for Exploration: 10 Practical Tips to Conduct a Strategic Due Diligence Process
Independence 101 The Basics for Advisors
Feedspot Top 35 Podcasts for Financial Advisors
We're available to answer your questions. Contact us

Connect with us

Search

© 2021 · Diamond Financial Consultants, LLC t/a Diamond Consultants. All rights reserved.

  • Home: Leading Financial Advisor Recruiting Firm
  • About
  • Services
  • FAQs
  • Blog
  • Podcast
  • News/Media
  • Tools/Resources
  • Contact
  • Our Locations
  • Privacy Policy
  • Site Map