Regional BDs

The group previously generated almost $2 million in annual revenue, according to their new employer.

The advisors come from a firm reported to manage over $5 billion in assets.

They made the move in part because of the marketing and research resources the firm offers, says new hire Todd Kissel.

The new hires joined a recently opened branch in Tuscon, Arizona, continuing a push west for the regional firm.

"This is a challenging time for the firm with the DoL rule," CEO Paul Reilly said.

The rule has cost the firm tens of millions of dollars in compliance and lost revenue.

The Connecticut office tallied 14 new hires in the past twelve months, the firm said.

The Labor Department has indicated that further revisions to the regulation could be forthcoming.

This year has seen more moves, bigger moves and more expensive moves.

Firms still rely heavily on commission income despite drops last year.