Banco Popular de Puerto Rico

One thing was made clear at the annual event: There’s more work to be done.

The top 20 outpaced the broader industry and had an average net expense ratio far below the 0.45% investors paid last year.

Regulatory shifts, M&A, new technology — there’s a lot on the horizon for the industry.

Despite a rocky year, these 20 funds recorded an average return of 13.6%.

LPL Financial and indie rivals like Raymond James, Wells Fargo FiNet and Kestra Financial completed at least 17 recruiting grabs of $800 million or more this year.

The top 20 carried an average expense ratio of more than three times the broader industry.

Collectively, the brokers generated $167 million in annual production and oversaw $37 billion in combined client assets.

These elite producers in some cases operate far from Wall Street, even as they work for well-known wealth managers such as UBS, Merrill Lynch and Ameriprise.

The brokers collectively generated more than $88 million in annual revenue while overseeing nearly $15 billion in assets under management.

At an average age of 37, the top-producing brokers operate in 18 different states, plus the District of Columbia and Guam.