Career moves

RBC's newest recruits generated $1.8 million in annual production, the firm said.

Merrill Lynch hired Fabio Concesi as an international wealth strategist. Concesi previously worked at Citibank.

The former wirehouse advisor previously generated $1 million in annual revenue, according to RBC.

The independent firm founded by several former wirehouse managers picked up two recruits who generated $1.5 million in annual production.

CEO John Taft warns that regulatory scrutiny will increase, but adds that the long-term goal a unified fiduciary standard of care will still benefit clients and advisors.

John Taft will be the latest head of a major brokerage firm to exit the business, following UBS' Bob McCann and Morgan Stanley's Greg Fleming.

The new recruits formed a new team after leaving Wells Fargo and Davenport & Company.

Hao Zou, a portfolio manager at Pimco, has left to start a firm providing an artificial intelligence platform for hedge funds, family offices and other institutional investors.

See which advisors topped this year's list of the biggest producers under age 40.

Another team departed Credit Suisse, this time for William Blair.