Firms reach out to hybrid advisors

As the number of dually registered advisors climbs, firms are reaching out for talented advisors and their clients' assets, according to Kristen McNamera on CNNMoney.com. Firms like Charles Schwab and LPL Financial are opening access to resources like research and support services. Other firms, like Fidelity Investments, are creating programs specifically designed for dually registered, or hybrid, advisors.

McNamera quotes Jim Crowley, managing director at Bank of New York Mellon Corp.'s Pershing: "You need to have a very competitive platform that will allow hybrid advisors to support their clients in the fashion they want to be supported," he says.