LPL Financial

An LPL vice president testified that 30 former Ameriprise advisors imported client information for accounts with more than $1 billion under management and $16 million in yearly revenue generation.

The appointment comes less than a month after the former company head, Dan Arnold, was fired for failing to maintain a respectful workplace.

In court response, LPL warns victory for Ameriprise would "chill" advisors' ability to move from one independent broker-dealer to another.

In a recurring pattern, Ameriprise again accuses its industry rival of encouraging a recently recruited advisor to "harvest" and bring over confidential client information.

Industry experts and analysts take comfort in the firm's choice of Rich Steinmeier as interim CEO and say they see little reason to expect serious disruption.

The former Wells employee says he was basically forced to quit after a series of fumbles by the firm cost him his book of business and brought his pay down to "minimum wage level."

LPL directors terminated CEO Dan Arnold's employment after an outside law firm found comments he had made to employees had violated the firm's code of conduct.

The giants of the channel grabbed most of the spots in the rankings, but some of their smaller or midsize rivals are also expanding quickly.

LPL presses forward with deals that have made it one of the fastest-growing firms in recent years.

Analysts say that firms that are forced to start paying clients higher rates may have to raise their advisory fees and cut costs to make up for the revenue losses.