Wirehouse advisors

Industry compliance experts say there are few more complicated decisions than knowing when to leave a firm and start your own advisory practice. The government shutdown is making it worse.

Dynasty Financial Partners' investment bank joins Diamond Consultants to help departing teams vet transition options, whether that's joining another wirehouse, selling to an RIA aggregator or starting their own business.

The wirehouse leaves its basic paygrid untouched for the fifth year in a row while giving advisors extra incentives to tout banking products and work with existing clients' children and grandchildren.

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.

Along with bringing in new households and assets, the Bank of America wealth management units are turning to loans, alternative assets and other offerings to do more with existing clients.

The largest wirehouse also reported a record quarter for wealth management revenues built on strong asset inflows in the third quarter.

Also remarkable: the size of the teams that are leaving and the types of firms benefiting from the defections, a new report from Diamond Consultants finds.

Wells Fargo CEO Charlie Scharf also points to investments into the firm's independent channel as helping to retain advisors and curtail departures to other firms.

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.

Francisco Gil tried to claim his status as an independent contractor entitled him to tax deductions for travel, meals and marketing expenses. The IRS and a federal judge said he was in fact an employee.

Merrill had sought a temporary restraining order to prevent members of a large Atlanta-based team who left last week from soliciting former clients for their new firm.

In a lengthy court reply, advisors who left Merrill this week to form an RIA with Dynasty Financial Partners accuse Merrill of "bad faith" for putting them on administrative leave and failing to reinvest in their business.

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.

Merrill is also adjusting the incentives it gives advisors for steering clients into banking products.

Firms are increasingly looking to provide high net worth clients with services stretching beyond basic wealth management. The offerings include everything from help with cybersecurity to taking out complicated loans.

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.

Amid legal scrutiny, Morgan Stanley is making changes to its deferred compensation policies while adding sweeteners for asset growth and deposit growth.