RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

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
Admin:
no description available
Sharron Ash: If there's one rule about raiding it's this: there are no rules.

Related Moves

Executive shake-up and staff hiring binge change Dynasty Financial Partners' talent mix, with Todd Thomson, Scott Welch, Ed Friedman and 12 women as headliners

The St. Petersburg-based producer of 'synthetic RIA scale' will continue to aggressively hire and adjust its talent ranks as it readies for next growth push.

September 24, 2019 – 2:02 AM

LPL Financial tries to solve two 'digital' problems with one new hire; the broker-dealer admits high 'friction' with clients for onboarding and matching them to the right annuity

Ashish Braganza puts LPL in to the data game but critics wonder whether the belated hire comes with too small a budget and team

July 25, 2019 – 6:18 PM

With his CEO hell-bent for election, Bronfman Rothschild president Michael LaMena reunites Fortigent's terrible two with a key poach

Neal Simon is running for U.S. Senate as an independent, an unusual risk; he also took precautions to make sure his $6.1B RIA roll-up finds its feet regardless of the mood of the Maryland electorate

November 5, 2018 – 8:06 PM

LPL Financial hires new 'digital' head of recruiting -- IBM exec Scott Posner -- after the old school approach was leaking oil

Pre-IBM, Scott Posner spent 17 years at BNY Mellon where he rose to executive vice president leading the company’s strategic Initiatives group, reporting to the President

September 26, 2018 – 5:25 PM


Mentioned in this article:

LPL Financial
Asset Custodian
Top Executive: Dan Arnold

MarketCounsel | Hamburger Law Firm
Consulting Firm, Compliance Expert, Legal Services for RIAs
Top Executive: Brian Hamburger

Finetooth Consulting
Consulting Firm
Top Executive: Ryan Shanks

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




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

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING


RIABiz Directory sponsored by:

Directory Sponsor Logo