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The loss comes even as the firm has been acquiring new breakaway teams and RIAs.

Our exclusive interactive infographic reveals some interesting trends on the top 10 new firms and their locations.

Thomas M. Hoenig is a distinguished senior fellow at the Mercatus Center of George Mason University. He has served as the vice chairman of the Federal Deposit Insurance Corp. and president of the Federal Reserve Bank of Kansas City.

The IBD aims to be a 17,000-strong firm, but not every advisor will want to join up, experts warn.

Sometimes it’s business. Sometimes it’s sentimental. Whatever the reason, it’s almost always problematic when a client insists on keeping a very large position in a single stock.

As fee cuts have become key to winning flows, managers turn to cheaper indexers, while some build in-house benchmarking teams.

Don Stone is director, DC strategy and product development & senior consultant at Pavilion Advisory Group. He is also on the executive committee of The Defined Contribution Institutional Investment Association (DCIIA), a nonprofit institutional retirement industry organization.

Andrey Tikhonov is senior director of payment technology for Infinite Peripherals.

Sean Clark is a senior consultant in the financial services practice at West Monroe Partners.