Banco Popular de Puerto Rico

Also this week, both Arax Investment Partners and Aspen Standard Wealth add RIAs with $1B in AUM.

Firms like LPL, Cambridge, Osaic, Independent Financial, Commonwealth, Raymond James, Ameriprise and Cetera are racing to develop new tools.

Each of the biggest firms in the channel grew substantially in 2024, but LPL's giant M&A deal to buy Commonwealth for $2.7 billion has further consolidated the ranks.

In an increasingly choppy sector, experts say investing with caution and an eye on diversification is key.

Plus, UBS loses a pair of advisors from a prominent team to Morgan Stanley, while SageView and Corient make big acquisition deals.

The numbers don't reflect much change in the low representation of female wealth management professionals, but there are some signs of progress.

Also this week, Raymond James picks another team from Commonwealth amid its purchase by LPL, and Cetera recruits from B. Riley Wealth Advisors.

Rossby Financial CEO Andrew J. Evans applies the entertainment legend's "plussing the park" philosophy to keep his firm's tech stack flexible.

Also this month in our disciplinary digest, a frequent CNBC analyst is sentenced to five years in prison for defrauding investors, and a former Fidelity advisor faced charges after borrowing millions from clients.

The group of rapidly expanding firms includes mainstays like LPL Financial, but also smaller upstarts that are enlarging their footprints at a notable clip.