Former leaders at Goldman Sachs, Fidelity, Creative Planning and Wealth Enhancement Group have joined to accelerate the firm's growth as a new multicustodial platform for independent advisors.

The proposal would ban most new non-compete agreements including those of senior executives.

Fanning spent 17 years with MassMutual, the third-party technology provider’s largest customer, before retiring last year.

The bank has struck an agreement to transfer clients and their assets from the unit known as Marcus Invest to Betterment, a $45 billion digital investment-advisory firm.