"Beating up on a broker who is not represented by an attorney is akin to taking candy from a baby,” says one attorney.

“Recruiting is more intense than ever," one headhunter says.

“With this rapid pace of change, there is always the potential for attrition and elimination of duplicative roles as natural outcomes," said Dimple Shah, executive vice president.

Finra suspended the broker, Luke Johnson, earlier this year.

“These kinds of lawsuits have a chilling effect on the free market,” one attorney notes.

“Advisors from the banks are coming to Wells Fargo to find out more," says one well-placed source.

"It is clear that the industry is benefiting from strong tailwinds," one analyst notes.

“There was also cash moving off the sidelines,” one Merrill executive noted.

“How can a firm supervise a broker when he’s got numerous text communications that have no visibility?” Jeff Erez asked.

Meanwhile, Wells Fargo’s WIM group reported close to $2.3 trillion at the end of last month.