By Mindy Diamond – “I heard Bob blew up his business—none of his clients followed him to the new firm.”That was the buzz around the water cooler a few weeks after a top-producing advisor left the wirehouse he once called home to go elsewhere. It’s all too common for a “false narrative” (as it’s come to be called) like this to spread like wildfire—thick with perceived truth yet without any regard for source or facts.
June 15, 2018 – Louis Diamond Quoted – By Michael Thrasher, WealthManagement.com – In wake of U.S. courts axing the Department of Labor’s retirement savings rule, Merrill Lynch told its field of more than 14,000 financial advisors on Friday that the brokerage is reevaluating its policies and procedures, especially those related to retirement accounts.
How an overtaking, low-overhead Merrill Edge threatens Merrill Lynch advisors and dramatically eases Bank of America’s transition to a post-wirehouse world
April 3, 2018 – Louis Diamond Quoted – By Lisa Shidler, RIABiz – Ten years after it was bought by Bank of America, Merrill Lynch is no longer the fastest growing portion of the business. That laurel goes to its younger sibling: eight-year-old Merrill Edge, which may stir broker resentment that bank brass is — this time around — prepared to live with. Despite BoA executives’ rose-colored view of relations between two entities, Louis Diamond, principal recruiter of Diamond Consultants in New York says the situation is still filled with tension.
January 17, 2018 – Louis Diamond Quoted – By Bruce Kelly, InvestmentNews – Despite cutting back on recruiting experienced financial advisers, Merrill Lynch increased its adviser headcount by 2% in 2017, adding 333 people for a total of 14,953 at the end of last year, according to Merrill’s parent company, Bank of America, which released its fourth quarter earnings Wednesday. “Those numbers validate what Merrill’s goal was, to deemphasize experienced adviser recruiting and emphasize training,” said Louis Diamond, vice president and senior consultant at Diamond Consultants, an industry recruiter.
December 5, 2017 – Mindy Diamond Quoted – By Dan Jamieson, Financial Advisor Magazine – Merrill Lynch is not making plans to leave the broker recruitment protocol, according to Andy Sieg, head of wealth management at the firm.
November 30, 2017 – Louis Diamond Quoted – By Barron’s – Merrill Lynch likely will be the next wirehouse to abandon the broker recruitment protocol, according to industry recruiters interviewed by InvestmentNews.
November 29, 2017 – Louis Diamond Quoted – By Bruce Kelly, InvestmentNews – Securities industry recruiters believe that Merrill Lynch will be the next wirehouse to drop the broker protocol for recruiting, as working under the agreement allows Merrill’s Thundering Herd too much leeway to take off for greener pastures. “Merrill will be the next shoe to drop in the next days or weeks,” said Louis Diamond, vice president at Diamond Consultants.
Jun 24, 2017 – Louis Diamond Quoted – By Bruce Kelly, Investment News – At one time, major brokerage houses ran large, expensive training programs for thousands of young brokers, and now it looks as if they are about to return to that model.
After self-inflicted punishment, Bank of America seems to reverse bonus policy to steady Merrill Lynch ship
June 9, 2017 – Louis Diamond Quoted – By Lisa Shidler, RIABiz – Merrill Lynch & Co. quietly reversed its decision to slash recruiting bonuses after an intense backlash made the move untenable. Still, there were tea leaves of a different contour for Merrill Lynch execs to read, according to Louis Diamond, a recruiter for Diamond Consultants.
June 6, 2017 – Mindy Diamond Quoted – By Sarah Martinson, OnWallStreet –
Merrill Lynch has landed three multi-billion-dollar teams in the last two weeks. The firm’s latest grab? A $3.3 billion group that left UBS to join Merrill’s Chicago office. Recruiter Mindy Diamond says the string of recent hires is not surprising.
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