Morgan Stanley

On Wall Street's annual ranking of successful young planners.

The adviser reversed course after Merrill Lynch unveiled plans to phase out commission-based retirement accounts as part of its plan to comply with the Department of Labor's fiduciary rule.

Recruits from Morgan Stanley and RBC joined the independent firm affiliated with Raymond James.

On Wall Street's annual ranking of successful young planners.

On Wall Street's annual ranking of successful young planners.

James Gorman earned $22.5 million after the firm made progress toward financial targets and its stock rose by a third.

An ongoing heavy focus on the business unit has benefited the overall firm.

Even among the wealthy, a growing number of clients want more digital engagement, says CEO James Gorman.

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.

The new recruits joined from Merrill Lynch and Morgan Stanley.

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.