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

Timing of Morgan Stanley’s Broker Protocol withdrawal sends shocks through RIA legal and recruiting circles

Posted by Louis Diamond

RIA Biz Financial Advisor News

Louis Diamond Quoted
By Brooke Southall

From Morgan Stanley’s perspective, Phil Shaffer never should have walked out the door with $4 billion to $5 billion of client assets and a whole team to staff his new RIA, Halite Partners LLC.

The New York-based wirehouse wanted to keep the Barron’s-ranked super-producer for more than just his substantial assets and revenues. Shaffer was family, having co-founded the elite Graystone Consulting-branded unit inside Morgan Stanley.

Back in New York, recruiter Louis Diamond’s high-concept risk assessment of short-term consequences was as follows: “This is a big deal for RIAs and IBDs. They can be brought into a lawsuit.”l

“We think it’ll encourage new people to leave wirehouses because of the message it sends,” says Diamond. That message being, “We see you as a commodity.”

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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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