Owner-advisors enjoyed double-digit increase in pay in 2014

"[These firms] are achieving exceptional results and demonstrating the advantages of size, providing access to better clients and perhaps better employees," the report states.

The study adds that a growing number of advisors at independent firms are in fact employees. Salary compensation for most of these workers has remained largely unchanged since 2013, but employee income continues to show gains due to incentive compensation (bonuses) and promotions.

Gains in compensation and firm revenue aside, the study's authors' caution that "growth remains fragile" in respect to new client acquisition. These clients account for about half of the increase in fee-generating assets under management.

Among the report's additional findings:

• New clients yielded an 8.9 percent rise in assets under management or AUM.

• Lead advisors in super ensemble firms have a median total compensation (salary and incentives) of $165,000 compared to $143,000 for other firms.

• The median compensation for service advisors at super ensembles is $97,000 compared to $83,000 at other firms.

• 62 percent of lead advisors in super ensembles are certified financial planners (CFPs) compared with 52 percent at other firms.

"Throughout the study we find that the firms achieving the highest levels of performance are firms that focus on the fundamentals of management: attracting top talent, motivating employees and implementing a well-thought out strategy," the report states. "Growth forces advisory firms to grow their expertise in managing people…"