Ameriprise

Michael Bonevento and his team left Ameriprise in 2019 to join LPL Financial. He says too much time has elapsed for him to now be accused of misappropriating client information.

The research and consulting firm spoke with more than 11,500 investors last year about their wealth management company. Here's how 36 firms fared in the survey.

U.S. District Judge Susan Brnovich found Ameriprise failed to furnish evidence that data taken by a recently recruited advisory team was going to be used to solicit their clients to LPL.

In a legal response, LPL contends it has been sued at least seven times in the past year after recruiting advisors from industry rival Ameriprise.

Despite only a slight increase in its headcount of financial advisors amid tough recruiting fights, the firm reeled in record productivity, assets and advisory flows.

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

A 20-plus-year veteran replaces Manish Dave, who left the post in October.

The case is the latest example of what Ameriprise paints as LPL's systematic overstepping of bounds in its advisor recruitment.

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.

Adjusted operating net revenues within the Minneapolis-based firm's advice and wealth management segment grew 14% to $2.7 billion in the third quarter compared to a year ago.