One of the traditional advantages that the largest wirehouses and brokerage firms had over smaller independent advisory shops was access to high-net-worth clients and sophisticated lending products. That’s simply no longer the case as independent shops have invested in building out their high-net-worth services, including trust and concierge offerings, Caruso said. “RIAs are also figuring out how to access certain lending services by working through partnerships.”The trend has grown so large that it may be ...