As a firm that works with top of the food chain advisors, we have not seen a slowdown at all. The statistics representing total advisor moves may show that fewer advisors have made moves in 2014 vs. the same period of time last year, but make no mistake, the momentum is great. Our pipeline is rich with deep relationships with billion dollar teams that are looking for more control, greater flexibility, freedom, and superior economics. Where these folks are choosing to go has become more fractured and as many of them investigate options in the independent space, as Alois Pirker, Director of research firm, The Aite Group said the deals simply take much longer. Certainly, happy clients make for happy advisors but a high quality advisor who maintains strong relationships with his clients, regardless of market performance, will choose to leave his firm when the catalysts are impactful enough and when he identifies an opportunity where he believes he will be able to grow faster and run his business better. To be sure, there is no lull in the war for top advisor talent and we fully expect the next 2 quarters and beyond to demonstrate that.
