Cetera Financial Group

With deals like Cetera's purchase of Avantax, Morgan Stanley's of Parametric and JPMorgan's of 55ip, big firms are increasingly able to answer high net worth clients' tax questions without having to send them to outside professionals.

MML Investors Services, ONESCO and Integrity Alliance (formerly Brokers International) top the list as independent brokerages compete for financial advisors.

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.

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

Mike Durbin on Cetera's M&A plans, why consolidation will barrel forward in the wealth management industry and the advantages of having a hybrid firm.

Independent broker-dealers have found happy acquiring grounds in the insurance industry in recent years, as sellers seek to avoid heavy regulation and thinner margins.

A pair of wealth managers stand accused of allocating trading gains to themselves and losses to their clients in a way that had "nearly zero" chance of happening at random.

The giants of the channel grabbed most of the spots in the rankings, but some of their smaller or midsize rivals are also expanding quickly.

Slight shifts in the makeup of the biggest firms in the channel reflect a more complicated picture than sheer dominance by the giants at the top.

LPL Financial, Cetera Financial Group, Raymond James, Ameriprise and other industry giants drove a much bigger volume of transitions this year.

Avantax's parent had sued two firms owned by its future buyer and one of its major branches prior to the agreement to go private in a billion-dollar acquisition.

Expanding its footprint at the intersection of tax and wealth management, Cetera faces challenges in the execution of its growth goals, experts say.

Despite falling stock and bond values last year, firms operating in the channel collectively boosted their business. These are the biggest companies among them.

The deal represents the second major purchase by Genstar Capital-backed Cetera in 2023.

The paperwork of moving client assets in a transition is a chore for many advisors, but crucial to their success.

Raymond James had scored the big team in May, before Securian's sale of its retail wealth business to Cetera closed.

The agency views the capital providers as a governance risk, and it says there are industrywide social concerns about enforcement cases and cybersecurity.

Betsy Jo Merritt accused regional directors of undermining her succession plan and causing the loss of millions of dollars in damages.

The advisors left a firm called Regulus and aligned with AdvisorNet Financial as they seek to build a larger base of individual wealth and planning clients.

The independent firm told financial advisors that selling their own practices without a greenlight from the corporate office could draw FINRA scrutiny.