Andrew Welsch

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.

A court will soon decide if an appeal by Jeffrey and Kimberly Camarda, who allege mistreatment by the professional organization, can move forward.

The firm is accused of negligence, breach of contract and other misconduct, according to a copy of the award.

An arbitration panel ruled that the firm had failed to properly supervise the adviser.

Three industry veterans – one with more than four decades of experience – oversaw more than $205 million in client assets, according to Raymond James.

The bank is rolling out a new digital advice offering that pairs robo technology with financial advisers, most of whom have the CFP designation.

The wirehouse's latest hires will support client development and strengthen product delivery, according to Morgan Stanley.

Industry insiders say wealth management is going through its biggest upheaval in decades.

"It was terribly important to us that we were participating and supporting a partnership with a firm that is innovating and has strong backing," said Richard Steinmeier, head of the Wealth Advice Center at UBS.

More than 60% of mass affluent clients don't know how much they are charged, according to a new study by consulting firm A.T. Kearney.

Some wirehouse branch managers have made the transition to the independent channel, but doing so takes careful planning, experts say.