Independent advisors

Bill Morrissey, who is leading the effort, described the firm's rapid, multipronged approach.

Private equity-backed parent Advisor Group made the shakeup at a challenging time for IBDs.

The move previews what will be a tough recruiting fight for the IBD giant following its massive buy.

Experts say such cases are commonly filed by advisors yet difficult to win.

One advisor says the fiduciary rule prompted the latest wirehouse exit to an RIA.

The number of annual new SEC registrations has jumped by 150% since 2000.

Experts say firms that clear through Pershing have an advantage in the looming recruiting fight.

The firm and fellow regionals continue to take advantage of hiring cutbacks at wirehouses.

The regional broker-dealer adds another team to its roster while wirehouses continue to scale back on recruiting.

The loss comes even as the firm has been acquiring new breakaway teams and RIAs.