The firm, which has more than $3 trillion under management, runs dozens of mutual funds and was a pioneer in index investing.

The latest deal by a wealth manager for an employee services firm enables the Raymond James Private Client Group to expand its reach.

Waddell & Reed had been working in recent years to transform its “proprietary broker-dealer into a fully competitive independent wealth manager.”

The firm’s new business highlights the beginnings of a shift in the custody marketplace due to a series of consolidations.

Funding is getting tighter as advisors look towards marketing automation as an engine for growth.

The deal underlines the bank’s focus on Folio's clearing and custody capabilities, as well as its 450 RIAs.

The firm’s investment management division is bringing 55ip under its roof just two months since launching a partnership with the fintech firm.

As part of a two-step deal involving Australian investment bank Macquarie Group, LPL will pick up 900 advisors and $63 billion in assets.

Advisors will face a drastically changed industry landscape and Schwab, already an industry leader, will play an even more outsized role in the marketplace.

“Platforms like this you would typically see at the larger broker-dealers and maybe the wirehouses,” says Gary Gallagher, the firm’s head of investment and managed solutions.