Louis Diamond Quoted – By Janet Levaux and Liana Roberts, ThinkAdvisor – Industry consolidation remains a dominant industry trend, according to data compiled by the Financial Industry Regulatory Authority and Investment Advisor’s 2020 Broker-Dealer Reference Guide.
Louis Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – As advisors walk away from wirehouses, independent broker-dealers have been welcoming them in. IBDs such as LPL Financial, Raymond James and Ameriprise Financial, in particular, have been successful in attracting wirehouse breakaways, says Louis Diamond, executive vice president and senior consultant at Diamond Consultants.
Louis Diamond Quoted – By Tobias Salinger, Financial Planning – The number of financial advisors dropped by the largest independent broker-dealers has not exceeded the number gained in any of the past five years, in a signal that forecasts of shrinking head counts have not come to fruition. Advisors would still be wise to prepare for the belt-tightening, though.
LPL Financial pulls pricing lever after Bill Hamm moves to yank $57.5 billion and 500 advisors off the IBD’s line
Louis Diamond Quoted – By Lisa Shidler, RIABiz – Facing the prospect of reps with tens of billions of managed assets marching for the door, LPL Financial is slashing fees. Last week, the Fort Mill, S.C.-based independent broker-dealer announced it was reducing its administrative fee to a flat eight basis points for advisors using the corporate platform who manage $25 million to $50 million amid other inducements. In fact, the price cut may have been dictated by the OSJs that use LPL, says Louis Diamond, New York-based principal of Diamond Consultants, in an email.
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