Independent advisors

Consolidation may be a prevailing industry trend. But the founders of a Chicago-based RIA see no reason to join a large aggregator.

The regulators' organization is also seeking to let state regulators enforce the same Reg BI conduct standard that federal watchdogs now apply to broker-dealers.

The sale could see up to 50 advisors move to Stifel but doesn't involve B. Riley's 190 independent wealth managers.

Despite most clients expecting holistic planning services, many advisors still don't provide them. And those who do are far from agreeing on how to best charge for them.

CEO Paul Reilly said that even if the firm is recruiting fewer advisors, the books of business it is bringing on are growing only larger.

The Chicago-based RIA giant is taking majority ownership in NEPC, a firm offering institutional research and new investing opportunities.

The industry watchdog continues its recently adopted practice of giving firms monthslong advance warning of its examination priorities before the start of the new year.

Jim Cahn of WEG says there will always be room for small RIAs. But firms intent on growth will increasingly have to turn to larger partners for help with estate and tax planning, back-office support, and marketing and client referrals.

The private equity-backed firm's acquisition of Levy Wealth, with its more than $1 billion under management, falls in line with the trends driving industry consolidation.

Industry groups see the new AML requirements as unnecessarily redundant and burdensome on small firms.