Wells Fargo

Recruiters see the banking giant's offering as central to its bid to retain top teams and prevent them from going independent.

Bans on working at brokerage firms don't lead to prohibitions on acting as an RIA as often as one might think.

Kenneth A. Welsh stands accused of taking money out of his clients' brokerage accounts to buy gold and other precious metals and pay down credit card debt.

The inquiry into Wells Fargo comes at a time when clients can often secure much better rates of return through money markets and certificates of deposit.

CEO Charlie Scharf said the bank's troubled wealth unit had 'treaded water' for a while, but showed signs of recovery as client assets and fee income grew.

Industry recruiters say offers of shares in advisory firms are hard to value.

FINRA booted Scott Reed from the industry after he went outside his firm to raise money for a software and web development firm.

Barry Sommers, the wealth management chief CEO Charlie Scharf brought in, is expanding after fixing up the unit; "Five years from now the independent channel will be our biggest channel."

The company is paying $75 million in penalties and restitution in connection with SEC allegations that its investment advisory arm overcharged customers it inherited in its Wachovia acquisition in 2008. The settlement is said to show the importance of conducting extensive compliance checks in a rapidly consolidating industry.

Under settlements with the SEC, Wells Fargo and BNP Paribas will pay millions of dollars in penalties for employees using unofficial communications like WhatsApp. In all 11 firms agreed to pay penalties, while the CFTC took separate actions.