Andrew Welsch

How Ronald Kruszewski is working to make the regional BD into an industry contender.

The decision is effective immediately and was made within hours of the Department of Labor issuing new regulatory guidance on the fiduciary rule's implications.

That extra back-end comp "can create acute conflicts of interest," the Department of Labor says in newly provided regulatory guidance.

Morgan Stanley and RBC lose two recruits to the regional firm.

"We fully expect to offer a range of options to help our clients," CEO Paul Reilly said.

Unlike its rival, Morgan will keep commission-based retirement accounts under the new regulation's best interest contract exemption.

CEO Jim Cracchiolo said the firm will still offer variety on its platform, but that it needs to make sure products are "appropriate for the client."

Client assets for the firm's advisory business hit a record high.

A new pilot program will test whether clients will be drawn to a voice-controlled technology the retailer's customers know as Alexa.

One recruit started in the industry more than two decades ago.