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Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
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In the News

Steward Partners’ first dip into private equity for $50 million will fuel more explosive growth and a nationwide buildout of its 1099 compensation model for advisors

Posted by Louis Diamond

November 19, 2019
Louis Diamond Quoted
By Lisa Shidler

When Steward Partners Investment Advisory LLC, raised $50 million from private equity earlier this year, it immediately used half the money to cash out early internal shareholders — but not because the company isn’t growing and morphing like crazy.

Steward has grown from 60 to 115 advisors, with 19 advisors, six new offices and $13 billion in assets added this year, according to CEO Jim Gold.

The new 1099 model competes even more directly with Raymond James, says Louis Diamond, principal of Diamond Consulting.

But Raymond James gains more than it loses.

“If Steward wins then Raymond James wins. While it may seem like a competing model, it’s a different flavor of Raymond James,” Diamond says.

“It was a smart move to add a 1099 model. It gives them a greater opportunity to recruit advisors to the firm. It has resonated with a ton of people.”

Read more…

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About Louis Diamond

President – Someone who “looks at every angle from a strategic perspective.” Sophisticated advisors and business owners alike learn quickly that they’ve found the right person in Louis when seeking counsel and clarity on growth, career management and the ever-changing industry landscape. Learn more...

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