Louis Diamond Quoted – By Ralph Ortega, Financial Planning – In its plan to buy Scottrade, TD Ameritrade is making a big push into the retail space, potentially quintupling the number of it client-facing offices. The greater scale that TD Ameritrade offers also should put Scottrade’s RIAs in a better position to face any legal challenges arising from the Labor Department’s new fiduciary rule, experts say. “From Scottrade’s perspective, you’re spreading out any potential litigation costs,” says Louis Diamond of Diamond Consultants in Morristown, New Jersey.
By Mindy Diamond, Financial Advisor Magazine – It’s natural to wonder whether where you sit is the best place to build your business and serve your clients. No doubt the DOL rule has fueled the thought process for those who work in organizations that are managed to the least common denominator. Yet while many advisors cringe at the thought of even considering a move, others move past the anxiety phase far more quickly once they recognize that there really may be a “better way”.
Mindy Diamond Featured in Podcast – Matt Baum interviews Mindy Diamond on his podcast series RIAcast.
By Louis Diamond – R-I-A: These three letters are dotted across industry publications and conference agendas, and on the minds of most advisors (especially post-DOL ruling), but why all the hype? And, why are we watching so many long tenured top advisors and teams moving in that direction?
By Mindy Diamond – As the cost of doing business rises, there’s no doubt many owners of wealth management firms are feeling the pinch. With the promise of an ever more onerous regulatory environment bearing down on these same folks, many find themselves in the unenviable position of running unprofitable enterprises. So what are these business owners to do when they are at this juncture?
By Wendy Leung – Many wirehouse advisors are intrigued by the idea of gaining greater freedom and control over their business, but don’t seriously consider going independent because they think it means being alone in an office bogged down by operations and minutia. The good news is that as the industry landscape has expanded, advisors can easily find support, resources and community in the independent space. Here are a few options to consider:
By Deborah Aronson – The independent broker dealer (IBD) space has experienced a transformation of late, just short of the consolidation we witnessed in the wirehouse world during the financial meltdown of 2008. Today, a changing regulatory environment and an increase in the overall cost of doing business has placed an enormous burden on independent broker dealers, no matter their size. Small broker dealers that lack the scale necessary to invest in their compliance and overall infrastructure are rapidly becoming an endangered species.
By Mindy Diamond – Many agree that 2016 will be the year where M&A deals saturate the headlines. With increased compliance looming, and the cost of doing business rising, any RIA that has been leery about steering their ship in less-than-friendly waters through the coming year may be looking for alternate routes.
By Mindy Diamond – I’ve written much about the decision-making process that an advisor goes through in order to determine if his firm is the one that will continue to serve him into the future. It occurred to me, though, that the most stressful time for an advisor who plans on jumping ship is the time “in between”—the time from deciding it’s time to go to the time one actually makes the leap.
By Mindy Diamond – Ask any Business Development Officer from any custodian or service provider to the RIA space and they will tell you that the vast majority of their new business is coming from those in the Independent Broker Dealer (IBD) world. I was surprised to hear this too—until I realized that a large percentage of the advisors we are working with are independent with broker-dealers and looking to us to help them assess whether a move to the hybrid/RIA space makes sense.
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