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In a record-setting bull market, the products offer investors a straightforward way to protect against downside risk. But not all financial advisors are convinced of their utility.

Also this week, the tech-driven RIA Farther boosts its AUM total to over $13 billion with a recruiting blitz, Mercer adds an RIA with more than $1 billion in assets and Cresset fills out its C-suite.

What was once largely a source of referrals for outside professionals is moving in-house for financial advisors in many cases. Here are some examples.

CEO Rich Steinmeier reiterated LPL's goal to retain 90% of Commonwealth's assets and headcount while listing reasons why advisors might think twice about leaving to start their own RIAs.

Kevin Roche, a partner in Orrick's New York office, is a member of its public finance department.

Lorraine McGowen, a partner at Orrick, is a leading bankruptcy and restructuring attorney.

Jenna Magan is co-head of Orrick's Public Finance Group and is a partner in the Sacramento office.