Mindy Diamond, founding father of the wealth administration recruiting, consulting and government search agency Diamond Consultants, is stepping down from the lead position as her sons take over.
Diamond, who based her consulting agency in 1998, will transfer to board chairman whereas her son Louis Diamond takes over her CEO position. One other son, Jason Diamond, will take over Louis’s position as president.
“Very similar to we counsel advisors in speaking with them about succession planning, I’m all about consuming my residence cooking,” Mindy Diamond stated. “This has been a well-planned, well-thought-out, well-executed transition that my sons have been coaching for his or her complete lives, and as a enterprise, we now have been planning for in all probability the final 4 to 5 years.”
Diamond will proceed to counsel the agency as board chair and contribute thought management to the business, together with with The Diamond Podcast for Monetary Advisors, which is revealed on WealthManagement.com.
The founder, who’s 62, stated she is able to transition to the chair position however would by no means have executed it if it wasn’t good for the enterprise that she calls her “third child.”
“The reality of my readiness was my sons, who share my values, which is crucial factor to me,” she stated.
Louis Diamond has been with the agency for over 10 years, taking over the president position in 2021. Jason Diamond joined 4 years in the past and was beforehand government vice chairman and senior marketing consultant. Howard Diamond, Mindy’s husband, will stay chief working officer of the Morristown, N.J.-based agency.
Over the many years, Diamond Consultants’ work has helped advisors and corporations transition greater than $350 billion in belongings below administration. The agency touts a proprietary choice course of for advisors contemplating a transfer, with the concept a “unsuitable transfer may have huge ramifications.”
Mindy Diamond credit Louis Diamond with bringing course of to a largely relationship-driven enterprise. The previous Ernst & Younger monetary companies marketing consultant, who spearheaded the agency’s government search perform, stated he’ll proceed to attempt to develop and broaden the agency.
“I need our model and our firm to be synonymous with advisor transitions, or for any kind of expertise within the business, that we’re the de facto place they name,” he stated.
Louis Diamond stated he plans to proceed rising the agency into areas adjoining to monetary recommendation, which is able to embody hiring extra workers.
Mindy Diamond recalled that when she first began the agency, it was a technique of “smiling and dialing.” One in all her first memorable breaks got here when an advisor she had been working with for years determined to depart a wirehouse to start out his personal RIA earlier than such a transfer was well-liked.
“He known as me after he moved, and he was nearly in tears he was so appreciative,” she stated. “The method led him to a spot that he in all probability by no means would have gotten to in any other case. … that’s what made me notice that if it was good for him, it was going to be good for others as effectively.”
She stated she’s going to begin telling shoppers in regards to the transfer on Wednesday, noting that she’s going to nonetheless be lively on the agency.
“I’m not retiring—the phrase nauseates me to be sincere with you,” she stated. “I’m simply stepping out of the day-to-day and permitting the enterprise to evolve because it ought to.”