Law and legal issues

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.

A suit filed in federal court marks the third time in recent months that Charles Schwab and its affiliates have been accused of failing to prevent elderly clients from being swindled out of their life savings.

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.

September's roundup of pressing issues in the wealth management space include an elder scam lawsuit embroiling Charles Schwab, accusations against Raymond James for failures in customer complaint reporting and more.

The advisor at the center of the case, Chuck Roberts, has been the subject of at least 19 customer complaints since late 2022.

The case is one of the latest to question if firms can be held liable for costly investment decisions made by clients showing signs of mental decline.

Industry experts and analysts take comfort in the firm's choice of Rich Steinmeier as interim CEO and say they see little reason to expect serious disruption.

The former Wells employee says he was basically forced to quit after a series of fumbles by the firm cost him his book of business and brought his pay down to "minimum wage level."

A pair of wealth managers stand accused of allocating trading gains to themselves and losses to their clients in a way that had "nearly zero" chance of happening at random.

The latest lawsuit accuses the firm of not only failing to look out for clients' best interests but also failing to secure "reasonable returns" on money held in retirement accounts.

Merrill and a partner firm were accused of running a complicated yield enhancement strategy, or CYES plan, of the type that has long been in regulators' crosshairs.

A pair of SEC commissioners say the treatment of the brokerage firm Qatalyst shows industry watchdogs expect nothing short of perfection with regulatory matters.

Plaintiff Stephen A. Greco has the opportunity to file an amended complaint, but a federal judge took his allegations of conspiracy to task.

Regulators allege First Horizon Advisors violated Reg BI when it continued recommending complex investments even though it was struggling to bring over customer information from a recent acquisition.

If successful, previously banned brokers might be free to "fleece your grandma" again, an expert warned.

A FINRA settlement accuses the firm of failing to supervise a broker who recommended frequent purchases and then resales of various investment products.

The "reverse churning" case highlights the regulatory gap investors can fall into when moving between brokerage and advisory relationships.

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

RIAs including Abacus Planning Group, Beta Wealth Group, Integrated Advisors Network were accused of violations ranging from making unsubstantiated statements to claiming membership in nonexistent organizations.