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Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
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LPL

Commonwealth, LPL Now Using Asset Levels, Not Production Rates, to Calculate Recruiting Deals

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.

LPL enterprises add teams with $2.5B, get first outside capital infusion

LPL enterprises add teams with $2.5B, get first outside capital infusion

Louis Diamond Quoted – By Tobias Salinger – Two of the major enterprises whose expansion is helping to boost LPL Financial’s record advisor headcounts will enter the new year on a trajectory to grow even more. As OSJs take on more duties than their traditional compliance services, LPL and hybrid RIAs are in “friendly competition” with one another, said recruiter Louis Diamond, the president of Diamond Consultants.

LPL’s Wirehouse Breakaway Unit Gains Traction, Signs $1.3 Billion Wells Fargo Team

LPL’s Wirehouse Breakaway Unit Gains Traction, Signs $1.3 Billion Wells Fargo Team

Louis Diamond Quoted – By Andrew Welsch, Barron’s – LPL Financial’s service for advisors who want to leave wirehouses is gaining traction with recruits, having signed eight breakaway teams. Its most recent addition: a 13-person group that oversaw $1.3 billion at Wells Fargo Advisors. The team, led by industry veteran Larry Boggs, launched an independent practice through LPL’s Strategic Wealth Services in Cumberland, Md.

LPL Unveils Pure-Play Custodial Service for Fee-Only RIAs

LPL Unveils Pure-Play Custodial Service for Fee-Only RIAs

Barbara Herman Quoted – By Diana Britton, WealthManagement.com – While LPL Financial has custodied assets for registered investment advisors since 2008, it was largely to support the fledgling hybrid advisory business of its registered reps. But as it has across the industry, that advisory business has grown fast.

$650M Team Leaves Merrill Lynch for LPL Financial

$650M Team Leaves Merrill Lynch for LPL Financial

By Asia Martin, WealthManagement.com – LPL Financial recruited four advisors from Bank of America Merrill Lynch, where the team managed $650 million in assets under management.

$650m Merrill team starts LPL-affiliated shop

$650m Merrill team starts LPL-affiliated shop

Louis Diamond Mentioned – By Andrew Foerch, Citywire – NorthEnd Private Wealth is the first wirehouse breakaway group to join LPL Financial’s Strategic Wealth Services platform in 2021. Josh Brown, Scott Thompson, Joel Gray and James Cluverius Jr. formed the independent practice after leaving Merrill Lynch, where they report managing a combined $650m in advisory, brokerage and retirement plan assets. An LPL representative said they are the sixth group to join LPL’s advisor affiliation model, which launched last year.

LPL Lures Merrill Team with $650 Mln-AUM to Nascent Breakaway Channel

LPL Lures Merrill Team with $650 Mln-AUM to Nascent Breakaway Channel

Louis Diamond Quoted – By Jake Martin, AdvisorHub – A four-broker team in Greenville, South Carolina has left Merrill Lynch to launch an independent practice affiliated with LPL Financial’s fledgling Strategic Wealth Services model for wirehouse breakaways. The group, which moved on Thursday and is called NorthEnd Private Wealth, includes William Joshua (Josh) Brown, Scott Thompson, Joel Gray and James “Jake” Cluverius, Jr. They moved with their administrative assistants Jeannie Fowler and Ashley Thomason.

LPL adds $380m RBC team through ex-wirehouse channel

LPL adds $380m RBC team through ex-wirehouse channel

By Ian Wenik, Citywire – LPL has added its fifth team to its wirehouse breakaway channel. The independent broker-dealer said Thursday that ex-RBC Wealth Management advisors George Chardukian, Adam Goldstein and Maria Peralta, have exited the brokerage firm to set up Adara Wealth Management in Tucson, Ariz. 

LPL Begins Recruiting to Employee Advisor Channel

LPL Begins Recruiting to Employee Advisor Channel

Louis Diamond Quoted – By Diana Britton, WealthManagement.com – LPL Financial announced its first foray into the W-2 affiliation model when it closed on its acquisition of Allen & Co., a Lakeland, Fla.-based broker/dealer and RIA with 30 advisors and $3 billion in assets under management, last year. Since then, the firm has been building out the business channel, and this week the firm officially opened it to the market with the opening of an office space in Boston, where it is currently recruiting.

LPL to pay top dollar for employee reps and advisers

LPL to pay top dollar for employee reps and advisers

Louis Diamond Quoted – By Bruce Kelly, InvestmentNews -LPL Financial said last year it was expanding its platform to capture advisers who are employees rather than independent contractors, the firm’s bread and butter. Now, LPL is putting its money where its mouth is and this morning revealed it would pay those advisers top dollar, with an adviser who generates $1 million annually in fees and commissions seeing a potential as much as a 33% pay increase.

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