The firm said it will have transitioned a dozen teams to its fee-only channel by the end of January.

The analysts see opportunities for LPL to grow its fee-based advisor channel and newly created independent employee channel.

Registered investment advisors added nearly 30,000 nonclerical employees in the last year, up 16% over the past five years.

The Canadian bank has acquired a family office based in St. Louis and New York. 

Edward Jones has traditionally measured its growth by the number of advisors on its platform; now it wants to focus more on growing clients’ assets by expanding its services.

The team, with $300 million in client assets, has formed StrongBox Wealth and partnered with Dynasty for back-office services.

The team, from Tucson, Ariz., was attracted to the broker/dealer’s connection with clients, something the big firms are lacking.

Conventional wisdom says that 'Old Guard' financial advisors from established Wall Street firms like UBS, Morgan Stanley, Merrill Lynch and Wells Fargo are doomed when it comes to the great wealth transfer soon to fall to the millennial generation.

As big wirehouse teams become strong, self-sufficient “businesses,” they’re opting to jump ship and build their own firms.

The Investments & Wealth Institute is becoming less a home for wirehouse advisors, with independents accounting for the largest segment of its membership.