March 25, 2020
Louis Diamond Quoted
By Gary Stern
RIAs must do more to retain talented older advisors. The average advisor is 51 and “nearly one-third of RIAs will retire in the next 10 years, representing 38.4% of assets.”
Having extensively consulted about succession plans and RIA mergers and acquisitions, Louis Diamond, executive vice president at Diamond Consultants, based in Morristown, N.J. and New York City, recommends three strategies for firms dealing with advisors eyeing an early exit.
First, working together, clarify what are the advisor’s goals, how long they intend on working, and what exactly they want their role to be. The aim of the conversation is to open up communication so everyone agrees on what’s best for both parties.