For a growing number of advisors, a hybrid or dual practice that combines brokerage and traditional advisory services at a single firm can seem like the best of both worlds.

Dually registered advisors can provide fee-based advisory services through the RIA wing of the practice while also offering clients a galaxy of commission-based products. Many RIAs like the option because they don't have to send clients elsewhere to purchase insurance or a variety of other products; broker-dealer reps find they can differentiate themselves by offering more fee-based services. (Independent B-D network Advisor Group recently found that its dually registered reps were 25% more profitable than those who were registered reps alone, CEO Erica McGinnis told Financial Planning.)

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