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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

Tuesday, August 18, 2015 – 5:07 PM by Kelly O'Mara
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Sharron Ash: If there's one rule about raiding it's this: there are no rules.

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Mentioned in this article:

LPL Financial
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Top Executive: Dan Arnold

MarketCounsel | Hamburger Law Firm
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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.

Stephen Winks

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