As a result, advisors are looking for firms that can provide services such as performance reporting, marketing support and financial planning in an efficient, cost-effective way, says Michael J. Di Girolamo, senior vice president and head of advisory services with Raymond James Financial.

"The ones we're talking to are looking to provide more comprehensive wealth management solutions and they're looking to outsource it," Di Girolamo says. "Margins are tighter and they don't want to add any more staff, and where they can decrease their costs, that money goes into their pockets."

AdvisorBenchmarking.com's Shaalan says successful advisors are responding by being more selective about spending and who they take on as a client. They're also rethinking fee structure, he adds. "Those who don't have minimum account requirements-we're seeing them imposing one," he says.

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