CEO Dan Arnold sees the firm’s recent deal with Prudential as a catalyst to having more discussions with insurance-owned firms with similar needs.

The commission accused Julie Anne Darrah of a multi-year scheme targeting elderly female advisory clients spanning from before and after her firm joined Wealth Enhancement Group.

Pick beat out two other CEO contenders: Co-President Andy Saperstein and Dan Simkowitz, who has led investment management.

“What we’re not seeing in number of advisors, we’re seeing in size of teams,” said CEO Paul Reilly.

Despite the downgrade, the ratings agencies believe the improved scale and synergies from Cetera’s Avantax acquisition will outweigh any additional leverage it will take on.

Odeon Capital analyst Dick Bove says the bank is rudderless with no one to lead it into the company’s next chapter.