Andrew Welsch

The adviser reversed course after Merrill Lynch unveiled plans to phase out commission-based retirement accounts as part of its plan to comply with the Department of Labor's fiduciary rule.

The firm's latest hire had spent 17 years at Raymond James and its predecessor firm, Morgan Keegan.

The new recruit joins the regional BD from Hilliard Lyons.

Growing RIA now has over $3 billion in assets as footprint expands.

One of the bank's new recruits comes from the wirehouse's elite Private Banking & Investment Group, which serves ultrawealthy clients.

"There is an added sense of urgency now," says Barbara Roper, director of investor protection at the Consumer Federation of America.

Their attorney said he would instead file claims in arbitration.

One of the new recruits says his group was attracted to the firm's platform and culture.

The spat between the firms started when the regional BD recruited a group of advisers who collectively oversaw about $1.1 billion in client assets.

Even among the wealthy, a growing number of clients want more digital engagement, says CEO James Gorman.

James Gorman laid out plans for the wealth management unit, which turned in record earnings for the fourth quarter.

Coding and other billing system errors were to blame, according to the regulator.

The advisory business ended the year on a strong note, boosted by growth in net interest income, which rose 14% year-over-year.

The business, which includes Merrill Lynch, said profits were up 1.8% year-over-year, but down 9% from the previous quarter.

Planners act on expectations of pro-business, anti-trade initiatives by the incoming administration.

The changes are the first under David Kowach, who became president of the wirehouse's traditional employee broker-dealer late last year.

An internal memo informs the firm's 15,000 advisers about the move, which builds on management changes made earlier this year.

Though some say the rule's future is in doubt, the firm is going ahead with sweeping changes it hopes will make its advisers more competitive.

The regulator plans to ramp up scrutiny of bad brokers and electronic communications, among other new measures.

The planner, joining from Robertson Stephens, also has worked for UBS and Merrill Lynch.