"If they don't like it, they can unwind it and go to the employee channel without having to move their clients," he says. The company's two channels operate under a single broker-dealer, making it relatively easy to move from one to the other.

Ameriprise boasted a 73.7% retention rate in its employee channel in 2009, up from 68.2% in 2008, while its independent channel retained 91.4% of its advisors, according to its earnings release.

Chet Helck, chief operating officer and head of Raymond James' private client group, says not many advisors move among channels, but there is the occasional case of independent advisors no longer wanting that responsibility, or employee advisors who are ready to take on the burden. Most often, Helck says, movement comes when brokers near retirement.

"They want to go independent because it gives them more control for an exit strategy, and there will be less people competing for their book when they leave, which makes it more valuable," Helck said.

Raymond James offers the option of being a bank broker, registered investment advisor, traditional employee, independent, or quasi-independent through its Advisor Select channel.

The firm hired about 750 advisors last year, with a combined $35 billion in client assets, and plans to boost advisor head count by 7% to 10% this year, according to Helck. Raymond James' independent channel alone has grown by about 200 advisors since November.

LPL Financial, which is primarily known for its independent platform, allows advisors to have their own independent practice, operate an RIA or hybrid RIA business, be employed by a local bank branch or credit union, or be an employee of one of its independent branch offices. These employees are not employed directly by LPL Financial, but by the local institutions.

LPL's advisors have many different backgrounds, from insurance brokerage to RIAs.

"We have to be able to support everyone, so we have to be experts in all the different areas," said Bill Dwyer, president of national sales and marketing.

Dwyer says he thinks the broad range of knowledge offers advisors more support, and in turn, increases retention.