Louis Diamond Quoted – By Jacqueline Sergeant, Financial Advisor Magazine – Working from home during the Covid crisis has awakened many brokers and financial advisors to new beginnings, setting off a wave of departures to independence, consultants say. “Advisors are realizing that they are not getting as much value from their current firm, especially working from home,” said Louis Diamond, president of Diamond Consultants in Morristown, N.J.
By Mindy Diamond – In a landscape with more opportunity than ever before, many financial advisors who are looking for recruiting deals still find themselves chasing a perfect option that doesn’t exist. Here’s how to escape that trap.
By Barbara Herman – It’s quite evident that the industry landscape has expanded dramatically—and an advisor in exploration mode has more to consider than ever before. As a result, it may be a daunting task for most to face the prospect of performing due diligence. Nonetheless, there is value in periodically exploring to gain an understanding of the legitimate options that exist—whether you’re thinking of moving or not.
By Mindy Diamond, OnWallStreet – For advisors, 2018 was all about adapting to major transformation. For firms, it was about the battle for control which left advisors at a crossroads of accepting themselves as agents of their firms or crafting creative ways to break free.
By Mindy Diamond – Sadly, it’s a scenario that plays out quite often: A top-notch team meets with the hiring manager at a firm that has all the markings of a good fit: A culture and vision they could align with, great technology and a client-focused value proposition. The team describes their needs and goals in detail, and outlines their financial expectations. The manager nods in agreement. He’s enthusiastic about the team and gets them excited about the firm’s culture and how much better their professional lives would be if they joined.
By Mindy Diamond – This week, Diamond Consultants celebrates its 20th anniversary as a recruiting firm in the wealth management space. And frankly, it’s hard to believe that so much time has passed.
Mindy Diamond Featured [podcast] – By Lee Conrad, Financial Planning – Were 300% deals ever sustainable? What can advisors do today? And if you think it’s too late to break away, listen to the story of a 70-year old advisor who made the move. Mindy Diamond offers her insight as we continue the dialogue from our Recruiters Roundtable.
By Mindy Diamond – Despite the fact that once high watermark wirehouse recruiting bonuses have come down, the expanded industry landscape still offers many very real opportunities for advisors seeking change. Whether you’re an advisor whose primary goal is to monetize your business or the search for a new firm is more about identifying a home where you feel your clients and career can be better served, there is no shortage of options.
By Mindy Diamond – For the most part, wirehouse transition packages are at a nadir. While there are some outlier deals – First Republic Wealth Management, Wells Fargo Private Client Group, RBC, and Ameriprise – Morgan Stanley, UBS, and Merrill Lynch have decided to jointly retrench on recruiting, lowering the once high watermark deals considerably. So what does this mean for advisors who are considering their future?
By Mindy Diamond – WealthManagement.com – In the past several months, some of the major firms have pulled back on the amount of recruiting they’re doing, and recruiting deals have taken a big hit. While the majority of the rhetoric discusses the potential impact of these lower recruiting packages on the advisors considering a move, the bigger impact may ultimately be on the wirehouse advisors who choose to stay put. That is, those who are taking a “wait and see” approach, hoping that their firms’ plans to recruit less will actually benefit them more.
