LPL Financial

The wealth management business of the world's largest credit union and its 14 million members opted to choose its own destination after a giant M&A deal.

The case reflects the extent of industry efforts — and failures to enforce — guidelines such as customer identification programs.

Michael Bernier oversaw roughly $165 million in client assets at Canter Strategic Wealth Management, a firm with $300 million under management. Then he left to join LPL.

The rival firms will pay for a forensic consultant to preserve evidence of transferred confidential data while they await FINRA arbitration.

The 10 largest transitions include deals by LPL and Osaic, hybrid RIAs that received private equity infusions and even a new public offering by a SPAC investor.

Ex-CEO Dan Arnold's deal is estimated to be worth about 15% of what he would have received had he not been fired.

Wealth Enhancement Group is the second large OSJ to go separate ways from LPL, following Merit Financial Advisors

LPL's financial professionals now have access to a vetted package of AI-powered tools for their practices.

More planners are dropping their FINRA registration but keeping some ties to independent wealth management firms once thought to be in a different channel.

The two firms are among the many wealth managers now being sued over allegations that they failed to obtain fair returns for their clients on their uninvested cash.