Charles Paikert

Instead of investing his clients' funds, Michael Donnelly used the money to pay for his own rent, car payments, golf club membership dues and his children’s private school tuition, the SEC said.

"The Barclays teams needed to make a decision quickly, but we're also talking to several more teams who are not with Barclays," says Tom Palecek, Summit Trail Advisors partner.

"There's a plethora of [private equity firms] sniffing around, and I think all the big firms are being pursued," says Brent Brodeski, CEO of Savant Capital Management.

Many advisors may like the idea of independence, but some don't really want to jump through the hoops of starting their own firms.

The move was driven by "a desire to grow," says D.B. Root chief executive David Root.

Team advisors attract more affluent clients and generate more revenue than solo practitioners, according to PriceMetrix.

The pretense that Republican opposition to the DoL's proposed fiduciary rule changes is being done in the name of investor protection is "galling," says The Consumer Federation of America, an advocacy group.

“Being a financial advisor looked interesting, and I realized I could help people,” says Brain McGinnis, a former Florida deputy sheriff turned financial planner with the help of a super OSJ firm.

Exclusive: CEO Adam Nash says his firm has no plans to diversify into a business-to-business model.

Use laser precision in your specialties, and network more than ever to crack into a tight-knit community.