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With a deep résumé representing Wall Street firms, Jay Clayton is seen as a business-friendly choice not expected to push major new regulations or ramp up RIA exams.

The former broker, who pleaded guilty to securities fraud last month, allegedly promised clients returns of up to 15% and used proceeds for personal expenses.

Proponents of defined-contribution plans envisioned them as supplements to defined benefit plans; they didn't anticipate that 401(k)s would largely replace pensions.

High-value targets include client names and account numbers. Protecting the information can also protect an advisory practice from regulatory penalties.

These popular choices for asset allocation also have a history of solid performance.

The regulator accused the rep of writing 38 checks totaling $46,280 from two personal J.P. Morgan bank accounts that it claims did not have sufficient funds to cover the checks.

The new recruit, who started with the wirehouse's predecessor firm Smith Barney, has been in the industry since the late 1990s.

Succession planning is thwarted by most bankers' high-handed attitude that they own the client relationship. Realities on the ground are more nuanced.

The bank implemented the program to compensate advisers as they transition their books to other advisers, while ensuring that their clients are left in good hands.

Advisers at a bank may have to shift to another channel for a few years before retirement, says contributor Rick Rummage.