Federal proposal to ban noncompete clauses could affect RIA M&A
Louis Diamond Quoted – By Mark Schoeff Jr., InvestmentNews – If advisors who have less than a certain ownership threshold are free to leave an acquired firm, it could give buyers pause.
Dynasty Financial Partners Signals IPO is Still the Plan
Louis Diamond Quoted – By Ryan W. Neal, InvestmentNews – If Dynasty was canceling plans for an IPO, it wouldn’t make sense for it to continue disclosing this information, said Louis Diamond, president of financial adviser recruiting firm Diamond Consultants.
6 Missteps that Trip Up Brokers Who Leave Big Wall Street Firms
Louis Diamond Quoted – By Cheryl Winokur Munk, Barron’s – For wirehouse advisors considering a leap to the independent channel, getting the process right can mean the difference between a smooth landing and a face-flop.
$1B+ Multi-Generational Merrill Breakaway Team Leaves Behind the Big Brand to Gain “More” for Clients
Matt Liebman, Founding Partner and CEO of RIA firm Amplius Wealth Advisors discusses the complexity of considering change with a multi-generational team, the difficulty of walking away from a big brand name, and how that influenced his choice to build an independent firm.
$3.2-Mln Merrill Team Jumps to UBS in TN, Another in AL Joins Morgan Stanley
By AdvisorHub Staff – A five-member Knoxville, Tennessee team this week joined UBS Wealth Management USA, exiting Merrill Lynch, where it produced $3.2 million in annual production on $596 million in client assets, according to a source.
“We Really Do Feel Like We Have a Voice.”
By Meghan Seawell, AdvisorHub – Going independent is a big decision. For Adam Goldstein, it became a foregone conclusion. When the Arizona advisor – named Best-in-State Wealth Advisor by Forbes in 2020 – learned about LPL Financial’s new breakaway solution, Strategic Wealth Services, he knew he had found something intriguing.
Wealthcare Adds 18 FAs, Boosts Assets to $4.8B
By Alex Padalka, Financial Advisor IQ – Wealthcare said it grew its client assets by more than half a billion dollars last year, bringing its total to $4.8 billion. The firm — a business unit of Financeware, a NewSpring Holdings platform company — also says it brought on 18 new advisors during last year, bringing its total to more than 165.
Commonwealth, LPL Now Using Asset Levels, Not Production Rates, to Calculate Recruiting Deals
Louis Diamond Quoted – By Diana Britton, WealthManagement.com – Waltham, Mass.–based independent broker/dealer Commonwealth Financial Network has confirmed that it recently shifted the way it structures the deals it gives prospects as an incentive to join the firm. It now offers forgivable notes based on an advisor’s asset levels, rather than a percentage of production, which has historically been the norm.
Fewer Wirehouse Brokers Are Jumping Ship, Execs Claim
Louis Diamond Quoted – By Miriam Rozen, AdvisorHub – A long-running trend of experienced broker attrition from wirehouses is ebbing, Merrill Lynch, Morgan Stanley and Wells Fargo executives claimed in the past week. But the advisor teams that do breakaway from the wirehouses continue to have an adverse impact since they leave with large chunks of assets, the recruiters said.
Dynasty IPO seen as ‘more permanent solution’ for access to capital
Louis Diamond Quoted – By Janice Kirkel, Financial Planning – Analysts say the decision by Dynasty Financial Partners, the St. Petersburg, Florida-based RIA and turnkey asset management platform with $65 billion in client assets, to launch a $100 million IPO is what would be expected from a firm that has undergone measured rather than explosive growth with managers who have significant experience in the public markets.
