Industry

Step away from the rote 30-second spiel. Instead, forge connections with advisory prospects based on trust, not tactics.

The wirehouse leaves its basic paygrid untouched for the fifth year in a row while giving advisors extra incentives to tout banking products and work with existing clients' children and grandchildren.

The awards recognize early-career brokers that have created top production numbers at their wealth management firms.

A clear division is emerging between smaller independent RIAs and their larger billion-dollar competitors, as some firms aggressively pursue a "one-stop shop" model for their clientele.

Janney also adds teams from Morgan Stanley and UBS, while LPL Financial picks up advisors from Janney for its direct employee channel.

The question ties into so many of the factors that distinguish large and small firms, various client niches and decisions about whether or not to hire staff.

Along with bringing in new households and assets, the Bank of America wealth management units are turning to loans, alternative assets and other offerings to do more with existing clients.

The largest wirehouse also reported a record quarter for wealth management revenues built on strong asset inflows in the third quarter.

Also remarkable: the size of the teams that are leaving and the types of firms benefiting from the defections, a new report from Diamond Consultants finds.

The fact that many financial advisors say they do not provide tax planning belies how much value they may add through that service, according to an expert.