Louis Diamond is the President of Diamond Consultants, a financial advisor recruiting firm based out of Morristown, NJ. He joins the show today to discuss the recruiting landscape from a mergers and acquisitions perspective, including how the various channels are vying for established financial advisors in a highly competitive market. If you think your firm might be acquired, this is an episode you definitely won’t want to miss!
Listen in as Louis shares the top reasons that financial planners seek to make a move to a different firm or channel, how to appropriately evaluate new opportunities, and how to ensure as smooth a transition as possible in the process. We also discuss what sets the most successful planners apart from the rest, what new planners should do if their firm owner sells or merges with another firm, what to expect from the economics of one RIA acquiring another RIA, and more.
What You'll Learn In Today's Episode:
- What Diamond Consultants does. (2:30)
- What Louis is seeing in terms of trends in the financial planning industry. (4:55)
- The characteristics that set the most successful apart. (9:30)
- What new planners should be looking at as an entry point into the financial planning industry. (11:45)
- What a merger or acquisition looks like for a new planner on the team. (15:20)
- Where Louis sees the financial planning industry going. (19:00)
- What the economics can look like for the firm owner and the new planner during a merger or acquisition. (20:25)
- Tips for planners. (22:50)
Ideas Worth Sharing:“It’s a very fractured landscape right now.” - Louis Diamond Click To Tweet “You can be successful in really any segment of the industry, as technology has become commoditized.” - Louis Diamond Click To Tweet “You’re in the driver’s seat more than you think, and it would be very rare that you would not have a position at a new company. Click To Tweet
Resources In Today's Episode:
- Louis Diamond: LinkedIn
- Ep #12: How To Deliver Results Beyond Years of Experience with Casey Bear and Logan Ross
In this roadmap, you'll be guided through the details of various stages of your financial planner career, including position descriptions, licensing, skill and experience level requirements, and compensation ranges.