Recruiting

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.

Modern Wealth also pushes its AUM over $6 billion with an M&A deal, and Americana Partners of Dynasty Financial gets private equity backing.

LPL Financial also pulls advisors from Raymond James, and Raymond James draws from Merrill. Osaic meanwhile appoints a chief financial officer.

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.

A margin of 46% for the unit housing the giant clearing and custody firm may console executives who say the First Republic deconversion "is now largely behind us."

The week also saw BlackRock, JPMorgan Asset Management and Charles Schwab take minority stakes in the advisory-support firm Dynasty.

The co-founders of the influential service, technology and compliance firm for fee-only RIAs discussed how the firm is evolving — but also staying the same.

RBC Wealth also reorganized its private client group and appointed a new division head, and UBS named a market leader for its San Francisco business.

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