LPL exec details “bulk upload” of client info from Ameriprise; Orion exec’s crucial career turning point; latest advisor recruiting wins and loses
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INDUSTRY NEWS: For nearly four years, LPL Financial helped at least 30 former Ameriprise Financial Services, LLC advisors use an internal system to upload information for thousands of their ex-clients before that practice was abandoned in early 2022.
That's according to testimony from an LPL executive in her firm's ongoing recruiting dispute with its independent broker-dealer rival Ameriprise. In a legal declaration filed Thursday in federal court for the southern district of California, LPL Vice President of Business Transitions Candi Sinquimani provided a list of 30 advisors who used what's known at LPL as a "bulk upload tool" to import client information for more than 4,500 clients they had worked with while at Ameriprise.
PROFESSIONAL DEVELOPMENT: It was early 1999, and Natalie Wolfsen was at a crossroads. She had begun her career four years earlier in New York City as an analyst for Douglas Smith Management Consulting and then moved to American Express, where she worked in payments as a senior marketing manager and senior marketing analyst. In the fall of 1998, she? left to co-found a tech startup, Invenet, which "pretty quickly failed" after just six months.
Wolfsen said she decided to use the opportunity to move back to the San Francisco Bay Area. At this point, she found herself with a decision to make.
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RECRUITING: It was another week of big team moves among large industry players. Merrill lost a large team and one advisor managing $1.3 billion to Raymond James and Rockefeller. Meanwhile, LPL drew a team from Osaic.?
Modern Wealth also pushes its AUM over $6 billion with an M&A deal, and Americana Partners of Dynasty Financial gets private equity backing.
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Guide For Financial Advisors Seeking To Change Firms & Marketing Resource For Launching Their Practice (763) 228-1385
5 个月Both firms permit use of bulk upload systems as allowed under broker protocol where advisors can input 5 pieces of information to facilitate easier account set up and transfer.