Majority prefer aging at home but rising costs and lack of planning threaten that goal.
RBC, Ameriprise, and Wells Fargo also announced new additions from Northwest Financial Advisors, LPL, and other rivals.
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.
Raymond James adds group from Equitable Advisors, while LPL's Linsco channel lures an Atlanta-area duo from Truist.
Meanwhile, Carson Group seals its latest full acquisition in Pittsburgh, while Bluespring merges in another Kestra-affiliated firm in Virginia.
Raymond James' indie channel also added a veteran planner from Osaic, while a group of Morgan Stanley breakaways joins a Commonwealth-affiliated firm in Pennsylvania.
This week alone, Raymond James said it has recruited four Commonwealth teams with $1.08 billion in assets.
Cerulli research sees major acquisitions and mergers drive growth in the IBD channel, with advisors increasingly drawn to independence and scale.
Also, Raymond James transitions its asset management leadership, while US Bank names president of affluent wealth division.
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.
Elsewhere, Raymond James attracts more Commonwealth teams, Wells Fargo adds nearly $1 billion with UBS and JPMorgan defections, and Baird welcomes a veteran advisor from Edelman.
The fund did not initially win shareholders’ approval during a first round of voting that was tallied on September 4.
COO says since its summer transition to Cambridge Associates, the hybrid RIA has welcomed several teams representing $634 million in combined client assets.
Raymond James also kept its Commonwealth recruitment streak going, while Americana Partners and Pallas Capital Advisors each hired a veteran specialist advisor to boost their offerings.
Coming from Summit Financial Networks, the newest addition brings $425 million in client assets to the employee-based RIA in North Carolina.
RBC has also lured a billion-dollar advisor from JPMorgan, while Raymond James and Osaic reel in more ex-LPL advisors.
Survey reveals adoption gaps and opportunities for financial advisors across channels
The agreement gives Cetera advisors access to structured investment banking support as private business owners seek tailored strategies for successful exits.
"I am so excited that we get to actually now show our advisors and their clients why we went through all this," Cornick told InvestmentNews during the company's annual conference.
