Andrew Welsch

The new recruits are opening a new office for the independent firm.

The branch is staffed by 22 advisers, most of whom are recent recruits from Credit Suisse.

Robert Cook, an attorney and former SEC director, will have to help the regulator navigate complicated matters , from calls for an industrywide fiduciary standard to heightened congressional scrutiny.

Robert W. Cook will replace Richard Ketchum, who announced his retirement last year.

The firm, which acted as a custodian for a defunct RIA, allegedly failed to make material disclosures to clients regarding their accounts.

Analysts and industry insiders are divided as to what impact the wirehouse's revamped plan may have on rival firms and breakaway advisers.

President Tom Naratil says the firm will recruit less, spend more on advisers already at the firm and give additional power to branch managers.

The regulator also says that the firm suffered from supervisory failures during a four-year period.

Prior to her financial services career, the recruit was a U.S. Army reservist working as a Russian linguist.

Advisers say they have been asked to allocate less to equities and bonds in the face of global and political turmoil.