It was the only wirehouse to show a net increase in financial advisers last year, according to InvestmentNews data.
Firms have made plans to return employees and advisers to offices in the past but have scuttled those due to flare-ups of the pandemic.
The fine and restitution to customers stem from sales of two alternative investments, the LJM Preservation & Growth Fund and private placements issued by GPB Capital Holdings.
James Iannazzo, 48, was arrested in January, faces three charges and is seeking probation.
The deal for Investors Financial Group suggests that Morristown, N.J.-based Private Advisor Group is in growth mode.
John Alexander is the second senior manager with two decades at the firm to leave Wells Fargo Advisors in recent months.
The broker, Mario E. Rivero Jr., 38, was registered with Wells Fargo Advisors from December 2010 through October 2020 and then at LPL Financial until last June, when he was barred from the securities industry.
The RIA channel saw a net gain of 1,530 financial advisers in 2021, while the wirehouses had a net loss of 2,065.
In an unusual aspect of the investors' claim and subsequent award against First Allied Securities, the $2.66 million in damages requested matched the amount the three arbitrators awarded.
The hiring push comes after Merrill and Bank of America reported a 6.3% decline in financial adviser head count last year.
