April 9, 2021
Louis Diamond Quoted
By Peter Rawlings
Some smaller broker-dealer firms are trying to peel away advisors from firms being gobbled up by large networks amid the ongoing industry consolidation, according to an executive at LaSalle St. Securities.
Louis Diamond, president of recruiting firm Diamond Consultants, says many advisors tend to either stick with their parent or look to move to an even larger firm despite the potential benefits of smaller firms, such as better access to management.
“Advisors realize that it’s the smaller firms being bought up and that smaller firms are way less competitive in having cutting edge technology, upfront recruitment bonuses, and reasonable ongoing fees,” he says.
