Black Diamond is setting its sights on smaller advisors and other things I learned over breakfast with Reed Colley
Written by Brooke Southall, RIABiz Friday, 08 June 2012
Since being acquired at this time last year by Advent Software, Black Diamond has increased its assets administered by 75% to $110 billion and it now serves 350 advisory firms.
The growth in assets has been fueled largely by the growing mix of RIAs that are willing to entrust their data to the cloud that Black Diamond inhabits, though 75% of its clients have less than $200 million. About 80% of these RIAs are pre-existing and the firm wins about 20% from breakaways. Read More..