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The odd case of MetLife's claim that it's being bullied by LPL

The $60 billion market-cap insurer alleges LPL was underhanded in luring away 60 employees -- but thousands have already left its broker-dealer without LPL's help

Author Kelly O'Mara August 18, 2015 at 5:07 PM
2 Comments
no description available
Sharron Ash: If there's one rule about raiding it's this: there are no rules.

Breakaway Stories


Mr RIA

Mr RIA

August 18, 2015 — 6:33 PM

This reminds me of the Berlin Wall. Met Life is literally imprisoning it’s salespeople instead of trying to please them. Pathetic.

Stephen Winks

Stephen Winks

August 18, 2015 — 8:18 PM

You can’t beat the free market, as the client’s best interests will invariably prevail, regardless of who one works for. It is a test of the industry’s metal as to how astutely it adapts. LPL has great promise but there is no place to hide. Every broker/dealer which has opposed its brokers acting in the client’s best interest, which is just about every one of them, now finds it in their self interest to actually acknowledge and support fiduciary duty. How effective a firm’s support of professional standing of its broker determines competitive market position. The more a firm fought fiduciary duty, the more difficult to advance fiduciary duty and the more its market share is at play . Competitive market standing will be determined by (1) cost, (2) the specific range of expert authenticated services (as required by statute), and the technical competency of advisor support. This will reorder the industry around the client’s best interests. Too many firms now face the prospect of needing strong internal advocates for fiduciary duty which has been a cultural anathema for seven decades. The industry is at a loss for years of neglect.

SCW
Stephen Winks


Related Moves

October 3, 2024 at 3:08 AM

Dan Arnold steps down as LPL CEO, under a cloud, effective immediately; Steinmeier steps in as interim CEO

Well-regarded, Steinmeier has been LPL's go to player, after he was promoted to chief growth officer in May

October 1, 2024 at 8:42 PM

Christa Carone, an ex-Fidelity and Xerox marketing whiz, steps onto a slippery slope at LPL with a daunting task -- to consolidate a NASCAR size brand portfolio... or not?

With no CMO since August, the chief marketing officer will play catch up for a company still hungry to buy more branded B2B and B2C players.

April 2, 2024 at 1:28 AM

LPL makes 'Sixth Sigma black belt' ex-wirehouse counsel its chief legal officer, right after purchasing another full service broker. LPL says there is 'no connection,' and she was poached from Google

The Fort Mill S.C. broker dealer added Crown Capital Securities' captive brokers in Orange County, and is hiring Althea Brown, fresh off 11 years at Google

July 28, 2023 at 3:11 AM

See more related moves

Mentioned in this article:

LPL Financial
RIA-Friendly Broker-Dealer, RIA Welcoming Breakaways, Advisory Firm
Top Executive: Dan Arnold

MarketCounsel | HamburgerLaw
Compliance Expert, RIA Set-up Firm, Regulatory Consultant
Top Executive: Brian Hamburger

Finetooth Consulting
Consulting Firm
Top Executive: Ryan Shanks

FA Match
Consulting Firm, Specialized Breakaway Service, Recruiter
Top Executive: Ryan Shanks



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