Economy

The firm said high volume may have curtailed access to its mobile app and urged clients to use its other platforms.

The new recruits build on the 43 advisors Janney added last year.

One of the largest wealth managers aims to attract more teams out of the crop of nearly 7,000 advisors leaving employee-channel firms each year.

The firm pivoted away from an aggressive hiring strategy in 2016 and has seen a substantial drop in costs associated with picking up experienced talent.

Among the new hires is Scott Collins, former head of brokerage independence and institutional sales consulting. He is one of many ex-TD Ameritrade alums seeking new employment after Charles Schwab acquisition’s of the firm.

Collectively, the brokers generated $167 million in annual production and oversaw $37 billion in combined client assets.

The results underscore the standout performance of the industry's largest firms in equities, a business where Europe’s banks have struggled to keep up in recent years.

These elite producers in some cases operate far from Wall Street, even as they work for well-known wealth managers such as UBS, Merrill Lynch and Ameriprise.

Letters sent to reps ask for extensive information on why they applied for a loan, how funds were received and used, and all compensation under the federal program.

Arete Wealth’s niche focus on alts for HNW and UHNW clients has given it a strong foothold in a fractured sector, experts say.