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The firm and an advisor kept clients in leveraged funds for extended periods, even though they were often meant to be held for a single day.

Morgan Stanley supplanted JPMorgan Chase atop the rankings of the biggest compensation for head executives across wealth management.

Alasdair Milton is a managing director in KPMG's healthcare and life sciences strategy practice with over 20 years of experience. He leads the precision medicine offering, with a particular focus in cell and gene therapies. As a trained cancer biologist, he helps clients solve complex business problems that require deep scientific and technical knowledge, and has worked across a multitude of therapeutic areas.

Christine Kachinsky is the U.S. life sciences tax industry leader and a partner at KPMG. She leads teams providing tax and advisory services to several global pharmaceutical companies and serves as one of the firm's subject matter experts with respect to R&D incentives and global incentives for energy and sustainability investments in the form of grants, investment tax and/or other tax credits and deductions.

These are the top twenty states ranked by return on investment for taxpayers based on quality of government services versus how much they cost.

But the firms continue to close faster than new ones open, suggesting consolidation remains an industry trend.