Louis Diamond Quoted – By Bruce Kelly, InvestmentNews – Big banks can struggle when they’re trying to figure out a wealth management strategy that works for everyday retail investors.
Shirl Penney hands over ‘front end of the house’ to Andrew Marsh as Dynasty does post-$100-million raise, post-IPO withdrawal and post-Schwab partnering reboot
Louis Diamond Quoted – By Brooke Southall , RIABiz – Dynasty Financial Partners hired an RIA coach in April, and now it’s dragging him out of retirement, handing him the controls of the ‘front-end’ and applying his advice to reboot the Mothership.
Louis Diamond Quoted – By Miriam Rozen, AdvisorHub – “The lack of an ability to hire support staff, even if the advisors want to and take it on their own expenses is a major problem,” said Louis Diamond, a recruiter who has helped advisors exit UBS. “We hear about that all the time.”
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.
Louis Diamond Quoted – By Mason Braswell, AdvisorHub – UBS Wealth Management USA has underscored that top producers are the future of its business with a grid-rate booster that was announced earlier this year and is set to pay out at the beginning of 2023.
Louis Diamond Quoted – By Miriam Rozen and Mason Braswell, AdvisorHub – With UBS Wealth Management USA’s reporting this week of an unusual net outflow of advisory assets in the second quarter, executives may be feeling some nostalgia for a longstanding award that was excised from broker compensation plans this year.
Louis Diamond Quoted – By James Rogers, FinancialAdvisor IQ – UBS adjusted its 2022 pay grid to reward time spent with the wirehouse, revenue and teamwork — but not everyone is happy with the changes.
Louis Diamond Quoted – By Miriam Rozen and Mason Braswell, AdvisorHub – UBS Wealth Management USA has recast its offers for private bank recruits as it looks to make its recruiting deals more attractive to the non-traditional hiring pool, according to two recruiters with knowledge of the firm’s deals. UBS’s willingness to put more money on the table upfront likely signals that its bank recruits have been paying off, said Louis Diamond, an industry recruiter in New Jersey.
Louis Diamond Quoted – By Miriam Rozen, Financial Advisors IQ – UBS has unveiled to employees plans to shutter its U.S. private bank unit at the beginning of next year and recruiters are predicting advisor attrition and client defections. Jason Chandler, head of wealth management USA, and Sylvia Coutinho, head of wealth management Latin America and country head of UBS Group Brazil, issued in June a company-wide memo detailing the plans.
Mindy Diamond Mentioned – By Ann Marsh, OnWallStreet – Ahmie Baum knows something about transitions. After all, the longtime ex-UBS advisor who began his wirehouse career at E.F. Hutton in 1979 has been counseling clients on how to “navigate the known and the unknown” when they sell their businesses or retire from executive, medical or legal careers for 40 years.
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