Andrew Welsch

Executives say it's about more than just robos.

The wirehouse has faced a difficult business environment so far this year, and additional headwinds may be coming during the second half of 2016, top executives say.

With more than 15,000 advisers overseeing $1.4 trillion, the wirehouse would be one of the largest entrants into the digital advice space.

The recruit is joining an existing practice, boosting the team's assets to $1 billion, according to the firm.

Profits rose 8% year-over-year at the bank's Global Wealth & Investment Management unit, which includes Merrill Lynch and U.S. Trust.

Two advisers joined Confluence Financial Partners, which is affiliated with Raymond James.

The bill was for 220 hours of attorney's work, which the judge called "excessive on its face" for a case that included no oral arguments.

A search is underway to replace Mary Mack, who will transition to a different unit.

Recent market volatility has pitted advisers against clients over whether events such as Brexit represent a buying opportunity.

The two ex-wirehouse advisers each had about 20 years of industry experience.

The largest teams to go indie this year managed more than $5 billion in client assets.

Two advisers left Lebenthal Wealth Advisors to start their own practice approximately two years after they joined the firm.

The regional firm also says it recruited a junior Merrill adviser overseeing $39 million in client assets.

"His lies, piled on one after another, have led to today’s substantial and serious charges," U.S. Attorney Peter Neronha said.

The firm settled charges by Vermont securities regulators connected to a ski resort at the center of an alleged $200 million fraud. A related lawsuit filed by an SEC-appointed receiver is pending.

The firm misreported over 1 million transactions, according to the regulator.

The firm bought the unit, which has over 600 advisers, as part of a $150 million acquisition deal to boost its overall broker ranks.

Meanwhile, the SEC hints that more actions could follow the $425 million in penalties levied against the brokerage firm.

The wirehouse was hit with sanctions from the SEC and FINRA for disregarding securities rules, misusing clients’ cash and not disclosing product costs.