This story was corrected on May 3, 2011, to reflect that Dynasty Financial Partners does not buy stakes in RIA firms, and that NFP Securities launched the IndeSuite wealth management platform, not Schwab Advisor Services.
Registered investment advisor firms looking for ways to expand their businesses might try turning to broker-dealers for a boost. The right broker-dealer can help an RIA firm construct a hybrid business platform as a powerful tool to recruit breakaway brokers from the wirehouse channel. Beacon Pointe Advisors, based in Newport Beach, Calif., thought so when it affiliated two years ago with Purshe Kaplan & Sterling, a broker-dealer based in Albany, N.Y.
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