Being the boss brings a host of challenges. Notably, the manager's interests are not necessarily aligned with the interests of those workers in the trenches—or the company for that matter. Nowhere is this truer than in the advisory world. Consider the situation when advisors leave. They want to take clients with them; the company doesn't want them to. To be sure, clients don't follow advisors in the bank channel nearly as often as they do their brokerage-based brethren. But that's obviously the ultimate goal.

And sometimes, worlds collide. Some lucky soul gets to straddle the fence between management and the trenches, feeling the opposing pressures from each side. That's what makes our cover story this month so interesting. A veritable case study in management strategy, our annual Top 20 Program Managers, highlights the best leaders in the bank channel, many of whom are also producing advisors.

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