Merrill Lynch

Exclusive: The regional firm picked up two groups of recruits from Wells Fargo and Merrill Lynch.

The model for financial advice "is primed and ready for change," says Cetera CEO Robert Moore.

Further shifts in broker pay could be possible as the industry moves to comply with the fiduciary rule and the Department of Labor issues new guidance.

Stephens recruited an executive with more than 30 years experience, whose career includes stops at Wells Fargo, Credit Suisse, Lehman Brothers, PaineWebber and Merrill Lynch.

Though against the firm's policy, the wirehouse still permitted the purchase of securities with credit lines "on thousands of occasions" during a four-year period, according to the regulator.

The team's three advisers all worked at the wirehouse for more than two decades.

Industry firms taking a similar approach can clarify confusion for clients and stem attrition among adviser ranks.

Keith Banks, president of U.S. Trust, is getting new responsibilities at the firm.

The planners left J.P. Morgan, UBS and Merrill Lynch to go into business for themselves.

The adviser joins the regional BD during a push to grow the firm.