Ameriprise

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.

Slight shifts in the makeup of the biggest firms in the channel reflect a more complicated picture than sheer dominance by the giants at the top.

The latest court dispute between the two wealth management giants issues a widespread indictment against LPL's recruiting practices.

Ameriprise Financial reported higher second-quarter earnings driven by its wealth groups.

A look at which firms had the biggest loan balances and revenue numbers and the relationship between the two.

LPL accuses its rival of hindering "competition in the financial services space" through its "cynical" attempts at frightening advisors into staying put.

The number of experienced financial advisor recruits fell in the first quarter, but Ameriprise's overall headcount and its profits are on the rise.

The wealth program at Kinecta Federal Credit Union is changing brokerage, RIA and custodian as the industry fights for recruits of all sizes in the channel.

Kinecta Wealth Management, the wealth arm of Kinecta Federal Credit Union, will switch firms by the end of the year.

Matthew Edwards changed his firm for the first time in his 25-year career when he launched an independent advisory firm under a new brokerage, RIA and custodian.

The profession displays a stunningly high rate of attrition in the first year. Here's how wirehouses and regional brokerages must try to change with the times.