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Mack led Wells Fargo Advisors from 2014 until mid-2016.

The private market investment group's advisory council includes well-known figures like Luminary CEO David Barnard, Ritholtz Wealth Management's Michael Batnick and AdvicePeriod CEO Steve Lockshin.

Atlanta-based Christopher Burns went missing in September 2020 while being investigated by the SEC for allegedly defrauding dozens of clients, and he remains on the run.

A Mississippi woman claimed Morgan Stanley erred when accepting her removal as a beneficiary to her dementia-stricken, de facto mother's estate—as well as ignoring her challenges as they distributed the deceased woman's funds.

In the past few weeks, dozens of former First Republic advisors have fled, landing at Morgan Stanley, UBS, JPMorgan and Rockefeller.

Leverage in the financial system is a systematic precursor to crises.