'Advisors always tell you it's not about the money when it comes to recruiting, but when you see money like that, it's about the money,' one executive said.

According to the company, it's valuation is up from $3.1 billion just two years ago, with recapitalization led by Mousse Partners, Progeny 3, and Abrams Capital.

Raymond James 'has also been getting more love on Commonwealth recruiting success,' one analyst noted.

Schwab has been evaluating its referral program for RIAs for over a year.

Isaiah Williams, 33, was arrested in Florida in June for his alleged involvement in the theft of almost $2.6 million from Reshad Jones, a former Miami Dolphins safety.

The cuts involved a few dozen workers in Stifel's IT department, mostly in St. Louis, according to a report.

'This is about as fiercely competitive an environment for a group of advisors as I’ve ever seen,' says one senior industry executive.

The decentralized supervision infrastructure used by wirehouses is 'like a failed state,' says attorney.

This week alone, Raymond James said it has recruited four Commonwealth teams with $1.08 billion in assets.

The fund last week failed to get shareholder approval to reorganize the fund so that it could eventually list before the end of the year.