Louis Diamond Quoted
By Tobias Salinger
With LPL Financial trying to woo thousands of National Planning Holdings advisors while fending off the long-term threat posed by RIAs, the firm is offering advisors a better deal on its corporate RIA.
“It’s another maneuver by them to get people off the outside custodians and onto the corporate platform,” Louis Diamond of Diamond Consultants says, calling the lowered fees a win for advisors already on the platform and a boon to LPL’s compliance efforts and bottom line.
“They did an analysis and they know it’s much more profitable and safer to have people on the corporate platform. And if they lose people because of it, I think it’s a calculated risk.”
