Raymond James Financial

The firm says a summer intern who was turned down for a full-time position sent harassing messages that led it to close its Atlanta office for two days in January.

The case stems from Raymond James' recruitment of the $2.8 billion Wise Advisor Group from Baird, which also landed a penalty for a broker protocol violation.

Scott Burnett and Peter Kelson, formerly of Zions Direct, plan to work mainly with public entities, corporations, foundations and endowments.

Nicholas Takahashi and his team are accused of deliberately trying to poach the clients of a former colleague managing hundreds of millions in assets and producing more than $1 million a year in revenue.

CEO Paul Reilly said that even if the firm is recruiting fewer advisors, the books of business it is bringing on are growing only larger.

Within days of a colleague's retirement and having been introduced as their new advisor, Corbin Hoffner left for Raymond James.

The number of certified financial planners reflects competition for talent and a profession navigating questions about conflicts of interest.

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.

Lawyers note the kinds of grievances the firm allegedly withheld are what potential clients look at when choosing advisors.

The legal action comes after executives expressed comfort with their firm's deposit rates in a recent earnings call.