More than a third of the nation’s largest RIAs lost assets under management in the past year, including many of the largest firms, according to Financial Planning’s 6th annual RIA Leaders ranking.

For some advisers, there’s been stark evidence of the factors driving the trend. “I’ve attended more funerals in the past year than I ever have” is a new refrain that Gabriel Garcia, a managing director at Pershing Advisor Solutions, says he hears from advisers about their clients.

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