Independent advisors

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.

One of the most successful recruiting firms in recent years, LPL again finds happy hunting grounds at its rival giant in the independent brokerage channel.

The new rule comes after advisors had expressed concerns about personal safety and data privacy.

Regulators have been working their way steadily down from the biggest players in the industry to regional firms in their quest to stamp out abuses of "off-channel" communications.

Recent years have taken the shine off of fixed income, both as a portfolio diversifier and a way to boost total returns. The prospect of falling rates next month promises to reverse that.