Andrew Welsch

The wirehouse also reported record revenue of over $2 billion for the recent quarter.

The firm is preparing for the fiduciary rule and contesting a lawsuit alleging that Raymond James allowed a $350 million fraud to be perpetuated.

The recruit generated $2 million in annual production, according to Merrill.

The wirehouse's new hires oversaw $466 million in client assets, according to a spokesman.

The new recruits joined the firm's independent and employee channels.

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.