Bruce Kelly

"Every private equity deal we have seen in the brokerage industry has lasted five to seven years," one executive said.

"Recruiting is as strong as ever" at LPL, one analyst noted.

"The only way to really address recidivism is through bringing criminal cases," one attorney said.

Deals by LPL, which is ‘really bullish’ on the industry, underscore surge in price propelled by the ongoing movement to fee-based revenue from one-time commission charges

"These firms have to go back, hire a new accounting firm and restate financials," said one senior industry executive.

"Another schlocky broker-dealer gets hit with an arbitration award and the owner and everyone else declare bankruptcy," said one attorney.

Sketchy math dogs private market investments sold to retail investors.

'An advisor can only blow off the SEC for so long,' said one industry executive.

Senior industry executive poses the question after latest switch, this time in investment banking.

'The advisor wants to get out of the business at 65 or 70 but clients will live to be around till 90, says one banker.