Multiple forces are driving industry consolidation.
The deal is the latest example of the finance industry working with technology firms that provide services the old guard can't easily replicate.
Veteran adviser manages $170 million in client assets.
The team had $288 million in client assets and generated $1.7 million in fees and commissions annually.
The new head of one of the largest independent broker-dealers served as head of wealth management at UBS's Advisor Group Americas.
The wirehouse is facing a raft of customer complaints tied to its sales of the commonwealth's municipal bond funds.
The group of six brokers are joined by 325 confirmed African American brokers or trainees at the firm. There could be another potential 200 class members.
Phil Fiore Jr. was part of an $8 billion team and was selected by Barron's as a top adviser in Connecticut in 2015. <i><b>(More: <a href="//www.investmentnews.com/article/20161221/FREE/161229983/former-registered-representative-in-texas-arrested-for-internet"" target=""_blank"" rel="noopener noreferrer"> Former registered representative in Texas arrested for internet Ponzi scheme</a>)</i></b>
The Denver area practice will operate as First Avenue Wealth Partners.
The hires come as Raymond James gained the most assets under management through adviser recruitment of any financial firm in the third quarter.
Both former brokers settled and refused to testify.
Finra settlement also includes $780,000 in restitution to 22 clients who borrowed against their accounts to invest in Puerto Rico securities. <b><i>(More: <a href="http://www.investmentnews.com/article/20161003/FREE/161009993/massachusetts-charges-morgan-stanley-over-unethical-sales-contest""" target=""_blank"" rel="noopener noreferrer">Massachusetts charges Morgan Stanley over unethical sales contest</a>)</b></i>
During one nine-month period, the firm failed to deliver close to 2.1 million prospectuses to online customers because of a missing hyperlink.
Wirehouse says Sandy Galuppo, who reportedly had $1.4 billion in client assets, had lost management's confidence.
Broker-dealer says the additions are part of a continued expansion of their presence in the North and Northwest.
The wirehouse, whose platform will be available next year, joins other big firms jumping into digital advice. <b><i>(More: <a href="//www.investmentnews.com/article/20160524/FREE/160529970/sigfig-raises-40-million-in-funding-led-by-eaton-vance-asserting"" target=""_blank"" rel="noopener noreferrer">SigFig raises $40 million in funding led by Eaton Vance</a>)</b></i>
Chris and Brian Cooke partner with the 108-year-old firm for strategic expansion.
Twenty-four teams left in third quarter on top of 26 in second quarter. <b><i>(More: <a href="http://data.investmentnews.com/aotm" target="_blank">See all the latest moves in InvestmentNews' Advisers on the Move database</a>)</i></b>
