A federal judge granted Edward Jones’ request for a temporary restraining order against two of its former brokers, ordering the duo not to solicit or attempt to solicit any of the firm’s clients.
The dispute arose after advisors Debra Feaser and Michael Eisenbraun moved to Ameriprise’s employee channel from Edward Jones on Nov. 2.
Edward Jones
Judge Pamela Chen granted the firm’s request while the two sides hash out the dispute in FINRA arbitration.
Judge Chen also ordered the advisors not to solicit any Edward Jones employees to terminate their employment with the firm.
The industry rivals could still turn to FINRA arbitration to pursue their dispute over allegedly unwarranted data breach notices Ameriprise sent LPL customers.
Simon Randall is the CEO and co-founder of Pimloc, an AI company changing how global organizations can responsibly manage video content while maintaining public trust. Before Pimloc, he led the OMG Life team to develop and launch the world's first intelligent wearable camera and its associated technology platform licensing, before spinning out the visual classification side of the business to create Pimloc in 2017. He previously worked for a range of global businesses in London, Sydney and Istanbul, bringing with him a wealth of consumer tech experience including 12 successful years at Nokia across go-to-market, marketing, business strategy, insight and planning, global online sales, global performance marketing and product development areas. Prior to Nokia, he worked in a range of creative hot-houses and strategic consultancies across the beverages, banking and tech sectors.
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But while Edward Jones got its non-solicit request, the judge’s order permits the advisors to speak with clients who have already transferred assets and to accept new transfers of assets from Edward Jones clients.
The two advisors oversaw more than $150 million in assets, Edward Jones said in its lawsuit. (An Ameriprise spokeswoman said they oversaw $215 million). Edward Jones says client assets of approximately $19 million have already transferred over to rival Ameriprise.
A spokeswoman for Ameriprise said the firm and the advisors had no comment on the matter. An Edward Jones spokesman also declined to comment.
Neither the brokers nor their attorney could be reached for comment.
Feaser is an advisor of 24 years and she had been with Edward Jones since 2003, according to FINRA BrokerCheck records. Eisenbraun began his career at the firm two years ago.
Edward Jones is not a member of the Broker Protocol, an industry pact that permits advisors switching firms to take basic client contact information with them. The firm has more than 14,000 brokers in the U.S.
