Career advancement

As valuations continue to rise across the industry, more firms are using compensation to invest in their top talent and future growth, Succession Resource Group says.

An internal successor, a seller and an acquirer dish out the most common mistakes they say advisory firms must avoid to address the challenge.

Logic (and compelling Cerulli Associates data) explain why advisor teams are gaining momentum. But teaming is not the only option for growth.

Michael Nathanson oversaw Focus Financial Partners as it reorganized into five internal hubs. Industry experts say the long overdue consolidation still has far to go.

Separate from any transactions involved with succession, financial advisors who want to retire face challenges that make exiting the business difficult.

Savant Wealth Management, Moneta Group Investment Advisors and EP Wealth Advisors lead a group of fee-only firms with headcounts well above their peers.

Experts say RIA owners often resist making themselves replaceable. But they'll have to choose between an internal or external deal someday.

The implications to taxes, hiring and the very legacy of a financial advisor's career demand much more formal documentation than most RIAs have undertaken, experts say.

The Ensemble Practice's annual RIA compensation survey suggests that firms are paying a pretty penny for financial advisors but reaping healthy profits.

Wells Fargo also pulls from Merrill and Raymond James again from Commonwealth, while AlphaCore buys up a big RIA and the FPA gets a new CEO.

The awards recognize early-career brokers that have created top production numbers at their wealth management firms.

Janney also adds teams from Morgan Stanley and UBS, while LPL Financial picks up advisors from Janney for its direct employee channel.

Though advisors keep heading for the door following the sale of Commonwealth, industry analysts believe LPL Financial can still hit its post-purchase goals for retaining assets and headcount.

But Commonwealth Financial Network retains its appeal, pulling a team from Morgan Stanley, while LPL draws a large practice from RBC.

Also this week, Raymond James draws from Commonwealth again amid that firm's absorption by LPL Financial, and Osaic adds advisors with nearly $800 million in AUM.

Many express frustration with either real or perceived doubts about clients' concerns, but experts say they're missing an opportunity to address them up front.

JPMorgan credits Sieg for helping to oversee the absorption of First Republic Bank and drive the firm's revenue and net new asset figures higher.

More Commonwealth advisors choose Osaic over LPL Financial, while LPL picks up a pair of Edward Jones advisors.

Cerity Partners adds its own large RIA in New York, and Beacon Pointe acquires firms in Indiana, Washington State and New York.

Also this week, Wells Fargo recruits from LPL, RBC and TD Private Wealth, and Corient moves overseas in a deal that doubles its AUM.