However, fewer RIAs and fee-based advisers expect consolidation to increase in the next 12 months, compared to five years ago.
Form ADV includes a number of questions about the custody of client assets; these questions continue to be a source of widespread confusion and inconsistent interpretations in the asset management industry.
They see the differences between wirehouses, broker/dealers and registered investment advisers blurring.
This is the fifth year in a row they have identified cybersecurity as their No. 1 concern.
There were 41 deals in the fourth quarter.