Industry

The deal also brings $4 billion in client assets under administration and management, according to a spokeswoman.

Michael Donnelly was sentenced for defrauding elderly clients of about $2 million, which he used to make car payments, pay his children's private school tuition and other expenses.

The wirehouse team launches HighTower's third practice this year.

Management blamed falling profits on weak markets and "muted client activity."

The wirehouse hires recruits from Credit Suisse and Merrill Lynch.

Three veteran advisors left the wirehouse to join the super regional.

In a succession play, Advisor Financial Services gets snapped up by Retirement Advisors of America.

Both wirehouses also see client assets shrink.

Voices: The DoL is restricting investor choice and casts an unnecessarily critical light on existing B-D relationships that only follow a suitability requirement.

The addition of the country's largest IBD network demonstrates how much value BlackRock has created from its $152 million deal for Silicon Valley-startup FutureAdvisor last August.