Wirehouses

“It will help them cope with some of the new burdens that the fiduciary requirement will impose on firms,” an industry analyst says.

The wirehouse has served as a major banker for the island commonwealth, which has been defaulting on a growing share of its debt and has been placed under federal financial oversight.

The compensation loss is the biggest for a major U.S. bank chief since the 2008 financial crisis.

The new recruit has been in the industry for nearly 3 decades.

The wirehouse's newest recruits operate from two offices on both coasts.

Three advisers opened a new office for the independent firm, which is affiliated with Raymond James.

Turn these major fears into motivators for pursuing greater success, says Scott Collins, director of brokerage independence at TD Ameritrade Institutional.

The new recruits joined the regional firm's employee channel.

Carrie Tolstedt, formerly in charge of the community banking unit, and the wirehouse's board were named in the litigation.

The recruits left rival firms such as UBS and J.P. Morgan to join existing practices at the independent broker-dealer.