Chairman Ben Brigeman will serve as interim chief executive while a search for a permanent CEO is conducted.
Sources say Kestra is being valued at between $600 million and $800 million, about eight to 10 times EBITDA.
Arbitration claim accuses well-known adviser of actions that resulted in excessive fees.
Floyd Powell received $104,000 in commissions from the transactions.
MassMutual will license Commonwealth's proprietary adviser software, Advisor360.
New business is 'harder and harder' to bring in the door, says a senior executive.
Firm expects to spend $135 million on technology this year, more than double what it spent four years ago.
The overconcentration of securities was not suitable for some clients, Virginia alleged.
James Paquette was sentenced last month to 10 years in jail.
Wirehouses continued to lose advisers last year, although at a slower pace.
