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Jim Weddle, managing partner of Edward Jones, says the firm hasn't been finding as many quality recruits as it would like.

"There's a plethora of [private equity firms] sniffing around, and I think all the big firms are being pursued," says Brent Brodeski, CEO of Savant Capital Management.

Clients are advised against trying to time the market or overreacting to speculation and media reports; Plus, millennials can't wait to pay off debt but many worry they don't earn enough.

Intelligent planning can help both parties save money.

The median state pension last year had 70% of the assets needed to meet promised benefits, up from 69.2% in 2013.

Wells Fargo reported that even as profits rose, client assets for the firm's retail brokerage unit shrank 4% year-over-year.

J.P. Morgan Private Bank and J.P. Morgan Securities generated $1.4 billion in revenue, down 2% year-over-year. The bank's mass-affluent offering, however, increased revenue and number of clients.

Bleakley Financial Group is now using LPL's Private Advisor Group to provide its clients with custodial and broker-dealer services.

Bank of America said profits for its wealth management unit, which includes Merrill Lynch, fell 19% year-over-year. Meanwhile, Merrill's advisor force increased 6%.

BlackRock’s revenue increased 2.1% to $2.91 billion from the same period last year as the firm brought money into most of its products.