The first decade of the 21st Century dramatically changed the landscape for financial advisors. Starting in 2000 and 2001 with the implosion of the dot.com bubble and then the turmoil of the worldwide financial crisis in 2008, advisors were forced to readjust their thinking and their approach to planning.
Today advisors are facing increased competition at the same time that the margins from a business model based on assets under management are shrinking. Moreover, there are an exponentially greater number of increasingly complex financial products that must be understood and explained to clients. To evolve and succeed, advisors have to make the transition from practitioners to business owners. As a result we've seen larger firms arising as advisors attempt to add scalability.