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.
By Jason Diamond – What’s changed at Ed Jones—and what’s driving so many advisors to seek other options? While many brokerage firms have seen noticeable advisor attrition in recent years, the velocity of moves away from Ed Jones, a firm that built its legacy on a strong culture, begs a few important questions.
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.
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.
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.
Louis Diamond Quoted – By Charles Paikert, Barron’s – It’s not just a seller’s market for RIA owners. Advisors looking for greener pastures are also finding demand for their skills is outstripping supply. Louis Diamond, president of Diamond Consultants, which specializes in executive search for RIAs, agrees. “Every firm is on the hunt for quality talent,” Diamond says.
By Mindy Diamond, Forbes.com – Change is typically motivated by a combination of pushes and pulls. Yet in the case of financial advisors managing $1B+, those factors are even greater. What are some of the common motivations for these advisors to consider change?
For Max Peckler, this transition was much more about the strong pull towards a better place to serve clients and grow his business—rather than the push away from UBS. While he built an extraordinary business over nearly 2 decades at UBS – landing on the Forbes America’s Top Wealth Advisors list and taking #2 for Best in State of Massachusetts in 2021 – Max felt he hit a ceiling in terms of how he could grow his business and serve clients.
Hammond Han, a 33-year industry veteran, led the Liberty Capitol Group while at UBS. Uncertain about UBS’s long-term vision and commitment to its US wealth management unit, the Liberty Capital Group chose to move to Morgan Stanley to better serve their high net worth client base and run the practice more efficiently.
By AdvisorHub Staff – Morgan Stanley Wealth Management continues to flex its recruiting muscle and has snagged a six-advisor team from UBS Wealth Management USA in Washington, D.C. that had managed $1 billion in client assets, according to a person familiar with the moves.
