Morgan Stanley

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.

An internal memo informs the firm's 15,000 advisers about the move, which builds on management changes made earlier this year.

Plus: A Morgan Stanley grab totals $410 milllion in combined AUM and more than 30 other job changes.

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

The recruit leaves a team led by a past On Wall Street Top 40 Under 40 adviser.

The biggest advisers to go it alone this year managed over $13 billion in client assets.

The fast-growing firm has recruited 25 advisers this year, and is affiliated with Raymond James.

"I lose years of my life. They can settle, write a check and move on," says an adviser whose book of business dropped by $40 million after he alleges he was wrongfully terminated.

From regulators to technology providers to CEOs, these are the players who will remake wealth management in 2017.