Lead broker said he was frustrated with the growing influence of Bank of America on advisors’ practices and of dictates to focus on new business.
Two teams had managed a combined $373 million in assets.
Saginaw advisor managing $139 million in client assets goes independent with Ameriprise while another Michigander with $54 million of AUM joins Stifel.
Veteran Staten Island, NY, broker moved more than $19 million and four associates to her new firm within a week of leaving earlier this month, according to lawsuit filed on Monday.
Merrill teams in Virginia and NYC join independent firms while Stifel group with $180 million of assets affiliates with Ron Carson’s Cetera-based network of firms.
Decision in Massachusetts court underscores the difficulty of vacating arbitration awards.
Firm failed to give broker who has been there for 27 years adequate notice of change in his options expirations, but arbitrators knick broker for failing to monitor his position.