Industry experts say there's theoretically no reason why firms can't keep getting bigger through recruiting deals. But a lack of good M&A prospects could make growth harder for LPL and other independent broker-dealers.

Laura Sullivan stands accused of accessing confidential customer data and violating a nonsolicitation agreement by bringing along at least 15 client households.

LPL Financial also pulls an advisory team from RBC, and Cetera hires a chief fiduciary officer for its trust subsidiary.

A relatively small fraction of financial advisors can speak languages other than English, making multilingual planners a distinctly valuable asset for firms looking to attract and retain clients.

Experts say that there are pitfalls, rules and procedures that departing financial advisors should know. Problem is, too many act first and consult lawyers later.

Brian Mora, senior vice president of experienced advisor recruiting, thinks Ameriprise has the antidote to the high dropout rates seen in most industry training programs.

UBS continues to lose larger advisory teams after making changes to compensation policies last year. Meanwhile, Ashton Thomas and LPL both score advisory teams.

The flow of financial advisors to the independent channels is certainly accelerating. But the traditional brokerage giants still offer advantages for some teams.

A McKinsey study highlights the growing financial power of investors who are women and underscores that financial advisors who ignore them risk missing out on a $10 trillion opportunity.

The annual SmartAsset study reveals how the industry extends far beyond Wall Street's geography.