Economy

Warning: Advisory firm buyers may be purchasing a depleted oil well.

Despite a great year, firms don't see fit to rest on their laurels. Instead, they're preparing and adjusting to falling traditional revenue and rising expenses.

This interactive tool provides the full collection of data from Financial Planning's 34th annual study of the largest firms in the space.

The majority of the top 25 firms boosted their business by double digits in 2018, and five of them reeled in more than 20% growth.

Carson Group has recruited $1.2 billion in client assets this year across 13 different firms.

The advisors managed more than $225 million in combined client assets.

With transparency about conflicts on the rise even as it varies by firm, critics question whether clients really understand complicated technical documents.

One departing practice managed $100 million in assets.

Several of the new recruits had spent more than a decade with Questar.

The team joins Raymond James’ burgeoning brokerage ranks, which recently hit 7,862 independent and employee advisors.

"You should buy into IPOs to hold them, because you believe in the company," James Gorman said.

The firm aims for a bigger foothold in a competitive sector with new offerings around tech, service, advisory programs and practice management.

While the wirehouse has suffered from advisor attrition, the regional BD has grown its brokerage ranks.

CEO Dan Arnold presented details of the firm's mounting ambition after announcing the acquisition of a brokerage and RIA with $3 billion in client assets.

The billions of dollars that have flooded the state and local debt market this year have only heightened the craving.

The IBD last recruited a practice from Cetera in October.

The firm has a particular focus on female clients and empowering women to better control their finances.

The firm has its origins as a family office founded by John D. Rockefeller in 1882.

Several of the firm’s new hires are industry veterans with more than 30 years of industry experience.

The competition is clear. The conflicts are just beginning.