Wirehouses

The largest teams to go indie this year managed more than $5 billion in client assets.

Two advisers left Lebenthal Wealth Advisors to start their own practice approximately two years after they joined the firm.

The regional firm also says it recruited a junior Merrill adviser overseeing $39 million in client assets.

Regulatory and industry changes are driving some advisers to rethink their business model, writes recruiter Mark Elzweig.

Meanwhile, the SEC hints that more actions could follow the $425 million in penalties levied against the brokerage firm.

Wells Fargo, Morgan Stanley, Bank of America and J.P. Morgan Chase were among the dissenters, people familiar with the matter said.

The wirehouse was hit with sanctions from the SEC and FINRA for disregarding securities rules, misusing clients’ cash and not disclosing product costs.

Some call it 'relentless,' but scouting for the best candidates has resulted in a better array of services from the industry's top firms, says leading recruiter Mark Elzweig.

Three industry veterans – one with more than four decades of experience – oversaw more than $205 million in client assets, according to Raymond James.

The wirehouse's latest hires will support client development and strengthen product delivery, according to Morgan Stanley.