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The additions bring Savvy’s total number of advisors to 40 and assets under management to more than $1 billion.

The investigation, which spanned four years and involved 14 state regulators, revolved around how the firm supervised the transferring of brokerage account assets into advisory accounts.

The company has more than 21,000 employees, meaning the cuts apply to about 200 staff.

The roughly 25 specialists will help Merrill financial advisors and their clients navigate financial needs including loans, estate planning and investment management.

The deal with Executive Wealth Management represents EP’s largest Midwest acquisition to date, bringing its total AUM to over $31 billion.

The Financial Services Institute also brought on four new board members, including Commonwealth Chief Regulatory Affairs Officer Robert Molinari and Broadridge Financial Solutions President Chris Perry.

Hillguard Wealth Management will join Sanctuary Global and work out of the firm’s Miami office. Sanctuary President Vince Fertitta said there was a demand for an alternative to “the way most banks and wirehouses” treat international business.

Arun most recently served as COO of Envestnet's Yodlee unit, where he had spent more than 16 years.