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Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
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In the News

The Real Truth About Advisor Moves: What Lies Beneath the Numbers

Posted by Louis Diamond

September 3, 2019
Louis Diamond Quoted
By Mrinalini Krishna

Last year, most large broker-dealers claimed 12 months of record recruiting. This year, even though recruitment activity has slowed down a little, firms are still confident about recruitment pipelines and are gung-ho about their advisor retention. Yet high recruitment along with high retention could be confusing. Even the recruiters FA-IQ spoke with for this analysis piece are skeptical of the different metrics put out by the firms.

“When you have 14,000, or 15,000, financial advisors, if you lose 2% of advisors, that’s a ton of advisors, and a lot of assets. But [2%] doesn’t really look that bad,” says Louis Diamond, executive vice president and senior consultant at Diamond Consultants, giving an example. He says the problem is especially visible in wirehouses.

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About Louis Diamond

President – Someone who “looks at every angle from a strategic perspective.” Sophisticated advisors and business owners alike learn quickly that they’ve found the right person in Louis when seeking counsel and clarity on growth, career management and the ever-changing industry landscape. Learn more...

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