April 29, 2021
Louis Diamond Quoted
By Lynnley Browning
The acquisition frenzy for independent advisory firms may be about to get even hotter.
That’s the thinking of some industry dealmakers, who predict that President Biden’s proposal for tax increases on the wealthy will pour fuel onto the already-hot market of deals to acquire RIAs.
Bankers have, of course, a bottom-line interest in saying they want more transactions to happen. But not just the formal matchmakers are predicting an even bigger wave of RIA deals, which topped record levels last year and is set to grow further. The proposed tax hikes have “lit a fire” on the deal-making front, says Louis Diamond, the president of Diamond Consultants, a financial advisor recruiting and M&A advisory firm in Morristown, New Jersey.
