'The streamlining of the business is very critical,' says CEO Mike Tiedemann.
The new broker-dealer expects to transition up to 30 financial advisors who are currently registered with Osaic.
Jack Ginter was the president of Wells Fargo's private bank until he left in 2021.
The Royal Alliance name and brand had been around since 1989.
Toronto-based CI says it will combine offices in Boston, Chicago and Miami, in addition to the New York office move it announced earlier this year.
Wedbush staff members sent and received messages related to providing investment advice to the firm's clients, according to the SEC.
'Kowach has been laying the groundwork for this since last year,' says one industry source.
'When I left Ameriprise earlier this year, the company was just starting to talk about AI,' one financial advisor said.
Scams involving members of a group such as a church, known as affinity frauds, pose perils for investors, one attorney notes.
'It's a weird little portmanteau,' one marketing executive said.
