Louis Diamond Quoted
By Bruce W. Fraser
Advisory firms are trying to figure out how to leverage their networks and technology to profitably expand their client bases.
“The reason service models are being rolled out today is that the ultra-wealthy have more complex needs,” making it more labor-intensive for advisers and their teams, says Louis Diamond, vice president and senior consultant at recruiting firm Diamond Consultants in Morristown, New Jersey. “It doesn’t make sense to serve smaller clients in the same capacity.”
Moreover, Diamond sees a renewed push at the major wirehouses to focus mainly on high-net-worth and ultra-high-net-worth clients, which leaves “a large, often underserved market below the $1 million level.”