Raymond James is still assimilating Morgan Keegan, losing 41 advisors this quarter. At the same time, client assets and advisor productivity are at all-time highs.

We’ve all heard this song and dance before; already the financial media is in a frenzy over the positive asset flows into stock funds in 2013. For the week ending Jan. 9, investors poured $7.53 billion into equity funds, and another $3.75 billion...