Diamond Consultants on Wednesday announced the implementation of its leadership succession plan, promoting Louis Diamond to CEO from President, as his mother, company Founder Mindy Diamond, steps down as CEO to become Board Chairman.
Meanwhile, Louis’ brother Jason Diamond was promoted to President from Executive Vice President, Senior Consultant.
Along with their expanded management roles, Louis and Jason Diamond will continue to counsel advisors and guide the firm’s team of consultants, it said.
Howard Diamond, their father, remains Chief Operating Officer of the Morristown, New Jersey-based financial advisor recruiting, consulting and executive search firm.
“The new leadership structure marks the culmination of a carefully considered and intentional plan developed over several years,” the firm said in a news release. The plan was “designed to ensure the continued strength and stability of Diamond Consultants, further empower the next generation of leadership and allow the firm to leverage Ms. Diamond’s expert insights and strategic counsel in her role as Board Chair,” it said.
Noting that Diamond Consultants has embarked on its “next chapter,” Mindy Diamond said, “Our staff and clients across the wealth management industry will benefit enormously from the leadership, vision and counsel that Louis and Jason bring to these new positions. While I believe now is the time for me to transition from having day-to-day responsibilities at the firm, its future is incredibly bright in their capable hands, and I am looking forward to making important strategic decisions as we always have – in partnership with one another.”
In her new role, Diamond, who founded the firm in 1998, will “provide active strategic guidance and collaborate closely with Louis, Jason and Howard Diamond as they execute their day-to-day responsibilities,” according to the firm. She will continue to work with certain advisor teams and provide “thought leadership,” including through “The Diamond Podcast for Financial Advisors.” Since launching seven years ago, the podcast has logged over 1 million downloads, the firm said.
Mindy Diamond added, “Louis and Jason have been training for these roles for most of their lives, with each having demonstrated over the years that they will continue Diamond Consultants’ long-established legacy of service and excellence. I’m excited to watch them take our business to new heights.”
Over the past decade, the firm has transitioned more than $350 billion in assets under management (AUM), it said. Additionally, over 25% of all $1 billion transitioning advisors in a given year have historically been clients, according to the firm.
Louis Diamond has been with the firm for more than a decade and served as President since 2021. In that role, he managed the firm’s day-to-day operations, “taking steps to professionalize some of its internal processes and expand capabilities to benefit clients,” it said.
He also played a key role in building Diamond Consultants Executive Search Partners, which launched earlier this year. The service leverages the firm’s network of relationships and industry knowledge to help clients “close the human capital gaps in their business that prevent them from realizing further growth,” according to the company.
Previously, Louis Diamond held wealth management support roles with Morgan Stanley and UBS, and also served as a consultant with Ernst & Young.
Jason Diamond joined the firm four years ago. As President, he will “continue to lead the firm’s thought leadership efforts, which includes authoring and overseeing the development of its annual “Diamond Consultants Advisor Transition Report,” it said.
Prior to Diamond Consultants, Jason Diamond was a Vice President at Morgan Stanley, serving on its structured investments and solutions desk. He also worked at Merrill Lynch’s Capital Markets Group.
“Mindy has built an extraordinary reputation within financial services over the years by not only making Diamond Consultants the premiere consultancy in the space but also as an indispensable thought leader who has inspired thousands, including me,” Louis Diamond said.
He added, “Jason and I are humbled by the trust she has placed in us, excited to build upon her recruiting legacy and eager to deepen the relationships the two of us have already established with the industry’s most sophisticated and elite financial advisors.”
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
