Wells Fargo Advisors

Three advisers joined the firm's Advisor Select channel, where they are employees but can make additional business-decisions for their practice.

The adviser was also ordered to pay $300,000 to cover Wells Fargo's legal fees.

Plus, Benjamin F. Edwards and Ameriprise each add recruits with more than $600M in combined AUM, and Morgan loses a $500M group.

The veteran wirehouse recruit has 34 years of industry experience.

Client claimed that adviser's recommended strategy earned fees and commissions for the bank but wrecked his inheritance from his great grandfather.

David Kowach oversaw approximately 11,000 advisers as head of the Private Client Group.

The seven recruits made the move from three wirehouses, Raymond James and Stifel.

The former wirehouse group, which specializes in retirement plan consulting and planning, worked mostly with institutional clients before making the move.

After predicting a strong recruiting year, Wells' independent advisory arm attracts planners from LPL Financial, UBS and U.S. Bank.

A search is underway to replace Mary Mack, who will transition to a different unit.