Top producers continue to stream out of the traditional wirehouses like Bank of America Merrill Lynch and Morgan Stanley Smith Barney. Many of those leaving have aligned with an independent advisory firm or started their own. These firms are usually built on platforms offered by the likes of Charles Schwab or Fidelity. But Reuters notes that a new crop of start-ups is shaking things up as well.

The likes of Cetera, Dynasty and Hightower are bent on attracting more top wirehouse brokers by offering new slates of technology, research and other services. It wouldn't appear that these start-ups offer any sort of magic bullet, a new technology or service that would stand as a game changer--like a whole new multiple managed account process. But they offer some upside financially.

These firms basically buy up practices and offer the sellers a stake in the firm, dangling the possibility of an IPO down the line. These firms also offer the cachet that comes from aligning with executives who once were big names at well-known firms.

Among HighTower's early investors are Philip Purcell, former CEO of Morgan Stanley, and David Pottruck, formerly of Charles Schwab. In addition, Joseph Grano joined ex-Merrill Lynch chiefs David Komansky, Daniel Tully and John "Launny" Steffins in launching a wealth manager, Fieldpoint Private Bank & Trust. Ex-Citigroup CFO Todd Thompson launched Dynasty Financial.

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