Shaw Financial Services, which has $360 million in client assets, has transitioned its custody and broker-dealer operations to LPL Financial. So reports the San Francisco Chronicle.

Some advisors say they fear a new FINRA arbitration program for Registered Investment Advisors may allow the regulator to expand its regulatory clout beyond broker dealers, reports the Wall Street Journal.

The number of hybrid advisors, or those that are both registered as investment advisors with the Securities and Exchange Commission and as brokers with FINRA, is growing at a faster rate than the overall industry, reports InvestmentNews.