November 10, 2025
Louis Diamond Interviewed
By Brooke Southall
“The ‘Breakaway Investment Banking Initiative’ is the ‘first-of-its-kind in the wealth management industry,’” the Oct. 20 release states. It reflects a mega-shift where breakaway teams are of a size, sophistication and value that they command M&A-level service upon departing their brokerage home.
In an exclusive RIABiz Q&A, Diamond explains the dynamics and implications of the OpenArc deal and the role the new venture will play.
RIABiz: Can you elaborate on this key line from your quotation in the press release? “No one was guiding elite advisor teams through the more fundamental decision of what they actually want to do next. Whether that’s transitioning to another W-2 firm, launching an independent enterprise, or exploring a sale or recapitalization, our mission is to deliver” objective, strategic advice across all paths—not just one.
Diamond: Yes, that’s exactly right. Historically, advisor teams had three very different conversations with three very different types of firms: recruiters (like Diamond Consultants or internal recruiters at firms) focused on transitions; M&A advisors focused on transactions (a number of industry investment bankers focused on selling RIAs), and capital providers focused on deploying capital or scaling their platforms. But no one was sitting at the center of the table helping them determine which of those paths — W-2, independence, or a sale — best aligned with their long-term strategy. That’s the gap we’re filling.
