With the deal for Portfolio Advisors, FS Investments also gets its hands on a private equity fund that targets both wealth management and institutional clients.

But it hasn't been all wins for the firm's efforts to compete in a market dominated by brokers like Charles Schwab Corp. and Fidelity.

UBS reported that it had 6,245 financial advisors in the Americas region at the end of last year, little changed from 6,218 at the end of 2021.

According to Robert Earl Turner's BrokerCheck profile, UBS has settled six disputes with his customers for close to $12 million.

According to Finra, the broker-dealers fell short in giving some clients breaks when rolling over 529 plans from one state to another.

The firm reported that its average revenue per financial advisor increased almost 4% in 2022 compared to the year earlier.

The advisor, Anthony B. Liddle, 40, was barred from the securities industry last June by the Financial Industry Regulatory Authority Inc.

At a panel at FSI OneVoice, one speaker suggested the revised math for portfolios could wind up in the neighborhood of 55% stocks, 35% bonds and 10% alternative investments.

Meanwhile, though, some RIA buyers are 'dancing' to get necessary capital to do deals, says Dan Seivert of Echelon Partners.

Wall Street has revitalized the product, but these REITs face new scrutiny because of an old problem: Investors are demanding liquidity.