Financial institutions

There are currently no plans to replace the longtime wirehouse leader, whose responsibilities will be divided among other executives.

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With higher compensation offers and a track record of independence, the No. 1 IBD is “challenging the status quo,” its head recruiter says.

The initiative is intended to help advisors manage increasingly large and complex teams.

“We basically had clients demanding that we find a new home,” after Wells Fargo failed to secure PPP loans for them, an advisor says.

The new additions help offset some recent departures at the wirehouse.

Amid coronavirus-imposed lockdowns, the firm will retool and retrain approximately 3,000 young advisors.

The wirehouse added a pair of veteran advisors from its rival after picking up several new hires in recent weeks.

If approved, the firm would be able to issue its own ETFs, although they haven’t registered any individual funds yet.

The move follows efforts to reduce expenses in the company’s global wealth management business.