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Content tagged "Mindy Diamond"


Diamond Consultants

Filed under: Recruiter
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Stephen Brown writes: We advise several CEO's and CFO's of Fortune 500 companies, as well as some professional sports teams.

How Merrill Lynch's divorce of its own $2.5-billion team shows just how fed up the wirehouse is with RIA-bound breakaways
The sudden pick-up in these seemingly self-defeating dismissals by Wall Street firms suggest new vigilance against gradual breakaways

Monday 9.22.14
Danny Sarch: I don't think this is desperate at all. If you don't have money, then you can't make the deals.

Ameriprise makes its move upmarket by first moving its bonus payouts to Wall Street levels
The Minneapolis-based broker jacks its sticker bid to 150% bonuses of brokers' last 12-months of revenue

Friday 6.13.14
Elliot Weissbluth: These are not simple lift-outs.

Elliot Weissbluth pooh-poohs the idea that HighTower faces channel conflict as 'stupid and uninformed'
The roll-up has added franchise- and outsource-type channels in the wake of a capital raise that failed to materialize

Friday 3.14.14
Clayton Hartman (left) with Tim Kneen: We thought UBS was transitioning to a different kind of wirehouse.

How heavy the lifting was to get a $1-billion wirehouse team to independence in 2014 after a de facto false start in 2007
Kneen and Clayton were still on Windows 2003 version at UBS, a metaphor for why they have moved to Focus Financial and Tamarac software

Friday 2.7.14
Mike Papedis: We are not engaged in responding to gossip and we are sticking to our business strategy.

Top recruiter Kevin Geary exits HighTower
The departure of the acclaimed Schwab veteran is a palpable sign for some that the roll-up is going in a new direction

Monday 1.27.14
 Raymond James recruited Becky Wiles, Terry Wiles, Heather Monzote, Ryan Smith and two hound puppies, Maia and Sky, in December.

The story behind how Raymond James won two big teams from LPL and Wells Fargo in the past couple of weeks
When the mid-sized Florida broker-custodian takes on bigger giants, it plays the little-guy card

Tuesday 1.7.14
Bill Johnston: Our plans are to work with Pershing to bring private banking solutions to the RIA community in a structured, tailored, thoughtful manner.

BNY Mellon is arming Pershing's RIA unit to the teeth with banking products for ultra high net worth clients
Clients of Pershing RIAs can get jumbo mortgage loans -- a good lure for breakaways used to cross-selling like mad at wirehouses

Wednesday 12.11.13
Hal Lambert: You're viewed as a $15-billion firm.

Pershing, Dynasty and Envestnet gang-tackle Credit Suisse and jolt loose $1 billion duo
Hal Lambert and Jeff Wildin held their breakaway fire for several years until they could get all the capabilities -- and keep 100% ownership

Monday 11.4.13
Sharon Miller: We partner back and forth between Merrill Lynch and Merrill Edge so it is seamless.

The amazing success of Merrill Edge and why some legacy Merrill brokers think it's eating their seed crop
It won $87 billion in brokerage assets in three years, but some old Merrill Lynch vets say it's just pulling emerging accounts away from thems

Monday 9.23.13
Ryan Marcus: My job is to bring them to the big dance.

After a head-fake, Royal Bank of Canada shows it's back (or never left) in the RIA game with two NextGen hires
100 brokers have moved to RBC's broker dealer or RIA unit in the last 4 years though some recruiters need convincing that the RIA unit is more than a retention tool

Thursday 9.5.13
Bill Van Law: We saw advisors who ... left for an RIA model, and that was disturbing. That reinforced that the strategy wasn't going to work going forward unless we created something more competitive.

After 'disturbing' RIA losses at Raymond James, Bill Van Law is going on offense -- starting with hires of veteran LPL and Fidelity execs
The big Florida custodian and broker is finally holding itself accountable to a stiff target -- doubling to $16 billion in two years -- as it buys up expensive talent while cutting prices

Tuesday 7.23.13
Wayne Bloom: If we have an advisor who wants to be part of the community and values what we bring to the table, I could care less how they are registered.

Commonwealth and Securities America get into the RIA custody business and Wells Fargo is right behind them
IBD execs are pulling out the stops to court a finite pool of advisors in motion

Wednesday 6.12.13
Dan Arnold: Now that our footprint's in place [we're] moving into the third phase of our strategy in 2013.

LPL to Wall Street types: We're in phase three
At a Merrill Lynch forum, the IBD's CFO explains that Phase I was the mass accumulation of advisors and Phase 2 was about RIA-ification

Monday 5.20.13
Mark Casady: When our same-store sales are up, then recruiting is typically down.

LPL, Raymond James and TD data -- and Walt Bettinger, Mike Durbin comments -- reveal rotten first quarter for breakaways
Mark Casady's explanation is hard to swallow for Danny Sarch, Mindy Diamond; Bettinger inveighs against 'rat trap' of checkbook recruiting; Ryan Shanks says advisors are "numb to the chaos"

Friday 4.26.13
Matt Sonnen: I made a lot of mistakes along the way, and I hope I can help others avoid those.

Focus Financial goes after $100-million wirehouse brokers after hiring five employees suited to the task
The big New York aggregator will put the brokers through a one-year seasoning process before placing them in RIA foster homes

Monday 4.15.13
James Maher: From a conflict standpoint, it was very awkward.

Merrill Lynch team breaks away from Bank of America (yes, ironically) to get better access to bankers
James Maher is forming Archford Capital Strategies as a wealth manager that needs capital galore to unlock his clients' billions in assets from illiquidity

Tuesday 4.2.13
Scott Curtis says the payout changes were made with RIA custodians like Schwab, TD Ameritrade and Pershing in mind more than broker-dealers.

Raymond James launches 'phenomenal' RIA-like pay structure to the $100 million set
The custodian hopes its keep-all-the-gravy pay scheme will keep its own advisors from defecting and win would-be RIAs

Tuesday 3.19.13
Howard and I were passing the 'cool old house' and noticed a 'For Rent' sign.

How a top RIA recruiter made an 18th century landmark into a breakaway safe house
Burgundy ooze and bats were daunting but the American Revolution-era structure is now home to cloud technology and flat-screen TVs

Thursday 3.7.13
The New York Times ran a very similar article to the one it published back in July.

The New York Times exposes JPMorgan's brokers, yet again
Same reporters, similar storyline as last summer's article, but this time with audio recordings as supporting material

Monday 3.4.13
Mindy Diamond: You can imagine the size of transition packages that he was offered and turned down.

HighTower grabs sought-after $650 million Merrill Lynch 'life sciences' team and shrugs off recent deal slowdown
In the old money town of Philadelphia, the strategic buyer is 'planting a flag' and going after new wealth created in the biotech realm

Wednesday 2.20.13
Jason Lahita: This was scarier than anything I'd ever experienced, and made the 'difficulty' of the decision seem laughable.

How my experiences with RIA pioneers, and the love of my mother, inspired me to a different breakaway story
Jason Lahita had mentoring from Joe Duran, Ron Carson and Mindy Diamond but his mother's early onset dementia gave him the final nudge to take a risk

Monday 2.18.13
Haley Rockwell: It didn't make sense to structure it as an acquisition, because I want to grow with the business.

How three small firms backed with big-time M&A muscle brought in $450 million with strategic buys
There are vivid back stories behind each Focus-owned firm's deal; taken together they could show the way forward for the aggregator model

Thursday 1.24.13
Colleen Lindstrom: I typically gather and review a significant amount of data and input before making a decision.

Why it took Rudy Adolf seven years to win an elusive $1.5-billion RIA to cap a $14-billion-asset year
The $60-billion-AUA firm has its mojo back as it brings on a woman-run firm with a 49-state presence

Thursday 1.10.13
Ed Friedman: The new proposal will curtail the “serial” movers from jumping ship every few years strictly for the check.

Will FINRA knock out the 'serial movers' and boost the RIA option in the bargain?
A rule looked at for decades may finally gain traction

Friday 11.30.12
Dwight Mathis: By the time they graduate after 43 months it'll put clear blue sky between us and our competition.

Merrill Lynch makes bold moves to train new recruits for an RIA-centric future
The rethought training program suits up new advisors -- many of them career changers -- for independence as well as for the wirehouse path

Wednesday 11.21.12
Mark Sear says that referring clients to outside lenders was not working well for his firm.

First Republic pays a staggering sum for Luminous Capital, sources say, and shifts the breakaway and M&A games in the bargain
Recruiters are getting renewed interest from big wirehouse teams and the $125 million deal shows that breakaway brokers can realize big enterprise value in short order

Thursday 11.8.12
Matt Dillig: Everybody calls the same people but not everyone has the same outcome.

How a young, new HighTower recruit built his business to $1 billion in assets with just 30 clients
Matt Dillig's team is the Chicago aggregator's first 'get' from Credit Suisse, known for its superwealthy clients

Wednesday 8.22.12
Scott Smith: It almost seems like collecting the $15 fee would be more labor for UBS then it's worth.

Is UBS channeling its inner IBD in levying $15 charges on its advisors for redundant mobile devices?
The wirehouse's charges seem on target on paper but are they penny rational and pound foolish?

Wednesday 8.8.12
Mathew Goldberg: They didn't care.

JPMorgan breakaways make Page One of the New York Times after $9-billion loss puts spotlight on Dimon's bank
It's a familiar story of pushing proprietary product and advisors not going for it -- but under a sterling brand

Monday 7.9.12
Walt Bettinger: This is a whole new ball game when you're a franchise with Schwab

Walt Bettinger explains to Wall Street why some prospects are balking at investing in Schwab franchises
The Schwab CEO tells listeners of the interim update that the $10 million asset-gathering quota is a psychological hurdle -- but one that can be overcome

Friday 4.27.12
Danny Sarch: Some guys at Merrill have targeted this date for more than a year.

Merrill Lynch springs a 62-advisor, $13 billion asset leak in the first quarter
February was a cruel month for the wirehouse as payouts and retention bonuses came due; UBS came out smelling like a rose

Tuesday 4.17.12
Tim Oden: If this doesn't get you motivated to make calls every morning then you need to check your pulse.

Fed up wirehouse advisors more eager to leave than ever, study says
A whopping three out of four advisors would take a call from an RIA recruiter, the Schwab study shows -- but what then?

Tuesday 2.28.12
Fred St. Laurent: The advisor will lose all of those bottom-end customers and Merrill will lose them too.

Merrill Lynch unveils changes to broker compensation
LPL, Schwab, TD, and RIAs are poised to reap a windfall as Bank of America says no thanks to the $250,000 set

Friday 12.30.11
Jonathan Stanley may not be the last to make the break from BoA-owned U.S. Trust, despite rigorous leaving provisions.

Braving 'garden leave' vagaries, Glenmede ramps up New York office by luring managing director from U.S. Trust
How much of the $1.5 billion in assets Jonathan Stanley oversaw will follow him to Glenmede is up in the air due to U.S. Trust's 60-day policy and other factors

Friday 12.23.11
Ryans Shanks: What’s stopped you in the past is that internal mechanism that tells you not to run your own business. Now, you can see all of the firms.

Ryan Shanks and Ned Van Riper eHarmonize big-fee broker recruiting
JoinAFirm.com is expected to give independent firms more play by offering more options and keeping it casual

Thursday 10.27.11
Brian Hamburger, founder of MarketCounsel's Member Summit 2011, expects 200 advisors with between $100 million and $1 billion in assets

MarketCounsel, CFDD, T3 and Schwab vie for advisors to attend their fall conferences
As competition for RIA time and money grows, many events are catering to more defined niches

Monday 9.26.11
With Sallie Krawcheck purged, 'the game is about to change in a big way', a former Merrill exec says.

Merrill Lynch brokers brace for sweeping comp changes as Sallie Krawcheck departs BoA and takes her advocacy with her
It's like 2008 all over again with some brokers just wanting out as clients question choice of employer, recruiter says

Wednesday 9.7.11
Bill Dwyer: They probably just wore us down. The press just asked for more and more access.

LPL opens focus11 to reporters for first time - with provisos
With the big IBD's business mix tilting more toward RIA custody, more open media policies seem to have followed

Friday 8.5.11
Michael Durbin: It may seem elegant and easy to take a check and walk across the street, but it’s important to spend the time to get to the right destination.

Fidelity study: Breakaway RIAs could pocket millions in after-tax profits
Dazzling wirehouse retainer deals are nice but going it alone can pay much, much better after taxes get figured in

Tuesday 6.7.11
John Peluso: "We believe in choice."

FiNet's wirehouse-lite model scores with advisors
Investment in recruiting pays off with highest average assets among IBDs

Thursday 5.12.11
Mindy Diamond: Right now, independence is what’s hot.

Why Mindy Diamond is morphing her firm away from pure wirehouse recruiting
Fees are still paid on contingency so a sit-down with her consultancy costs nothing

Friday 4.29.11
Ed Simmons has a doctorate from Harvard and a 24-year tenure with Merrill Lynch. He became an RIA on Friday.

Merrill Lynch and Bank of America cultural tension may spin out a new round of breakaways, recruiters say
A big Maine team goes to HighTower; more Merrill brokers in pipeline, says Weissbluth

Thursday 2.24.11
Brian Hamburger: The SEC is lining up the facts so that later the conclusion becomes obvious (it can’t regulate advisors with current resources). ... It’s genius, what they’re looking to do, but it’s incredibly transparent.

The RIABiz list of winners and losers in the wake of the SEC's fiduciary study
The race is on as laggards adapt to new vision of the future

Friday 1.28.11
Mindy Diamond: Morgan Stanley has a supreme name and a swagger.

Counterpoint: Intra-Wall Street recruiting by Morgan Stanley Smith Barney has picked up in the past 60 days
Results of reinvigorated efforts may show up on Labor Day

Monday 8.9.10
Mindy Diamond: The biggest concern seems to be that Goldman has been described as 'betting against ... (clients).' Those words are not what a client wants to associate with the firm that manages their investments.

Goldman Sachs' wealth managers are taking recruiters' phone calls amid concerns over scandal fallout
The 'betting-against' allegations have some brokers fearful about their ability to attract new prospects

Monday 5.3.10
Mindy Diamond: A home run for RIAs and recruiters

Page One Wall Street Journal article is a 'home run' for the RIA industry
Story's impact could exceed New York Times article about Smith Barney breakaway two years ago

Tuesday 1.5.10
Mindy Diamond says of today's breakaway prospects: These are numbers guys.

Top breakaway panel schools RIAs on how to create a cushier deal for financial advisors than a wirehouse
RIAs want to bring aboard wirehouse producers and they want to do it now

Friday 10.23.09

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