- Various executive appointments and past employment details were reported for companies including Cetera Financial Group, Wealth.com, LPL Financial, and Morgan Stanley.
- LPL Financial is acquiring Commonwealth advisors while facing competition from Osaic and recruitment efforts from Raymond James.
LPL Financial Files Arbitration Claims Against Former Raymond James Advisors
- Reports
- 2
- Developments
- 1
- Repetition
- 50%
New informationRepeats or wire copies
What happened
LPL Financial has filed arbitration claims against former Raymond James advisors, including those who joined Ameriprise. The dispute involves legal advice given to three advisors by a law firm when they left Raymond James in 2023. LPL Financial alleges that the law firm shifted from being a legal representative to an antagonist, creating a clear conflict of interest.
From americanbanker.com
Why it matters
The case highlights the risks associated with relying on recommended counsel during corporate transitions. Industry experts suggest that advisors should consider retaining their own legal counsel when changing firms and questioning whose interests are being served.
From americanbanker.com
Who's involved
- LPL FinancialIndependent broker-dealer involved in the dispute as the plaintiff in the arbitration claims.
- RobertsonOne of the former Raymond James advisors against whom LPL Financial filed claims.
Keep exploring
Part of
LPL Financial is acquiring Commonwealth advisors while facing competition from Osaic and recruitment efforts from Raymond James.Also in this story
- Osaic provided investment resources to Millenia, while LPL joined Millenia, and Cetera recruited from Commonwealth.
- Cetera Financial Group is targeting Commonwealth advisors through competitive recruitment efforts, which is managed by Genstar Capital.
- Commonwealth Financial Network sold to LPL. Kestra Financial was hired by LPL and recruited from Commonwealth and Raymond James.
- Payne Financial Consultants, led by David Payne, joined Osaic after moving from LPL Financial.
The entities involved
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LPL Financial
independent broker-dealer in the United States
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Raymond James
Montreux Jazz Festival person ID 7418; keyboardist for Crosby, Stills & Nash