Ameriprise

The industry rivals could still turn to FINRA arbitration to pursue their dispute over allegedly unwarranted data breach notices Ameriprise sent LPL customers.

The industry conflict of interest takes many common, controversial or outright confusing forms. Here's what financial advisors and investors should know.

Jim Cracchiolo told analysts that the firm's retention "is quite good," even though his company, like many of its rivals, stopped providing statistics to verify such claims.

Goldman Sachs CEO David Solomon joined JPMorgan's Jamie Dimon in a tie atop the executive compensation rankings for the industry's largest publicly traded firms.

The industry rivals are back in court with fresh allegations that Ameriprise falsely warned its former clients that LPL misappropriated their account information.

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.

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.

Manish Dave, who has been with the firm for 18 years, oversaw a headcount that was formidable but stagnant 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.

Industry experts say they can't recall another time when an advisory firm has used a lawsuit for a wholesale indictment of a rival's recruiting practices.