After a single day of evidence, arbitrators tell Edward Jones and Nevada broker who moved to Ameriprise to have a court dissolve an order restraining his customer solicitations.
Strongly worded decision about what constitutes “solicitation” could be useful for brokers in other jurisdictions, lawyers say.
A Nevada broker who moved 11 household accounts since leaving Jones at the end of October has been ordered to refrain from contacting former clients for two weeks.
St. Louis-based brokerage giant added a net 331 advisors in its third quarter, finishing with 18,505 brokers to cement its position as the industry’s largest employer by population.
Colorado advisor forms an independent practice, along with his son, after 17 years at Edward Jones.
Indiana advisor who went independent in August after 21 years with Jones has moved $2 million of the $113 million in client assets he was managing, firm says in lawsuit.
Lawyers for current and former customers refiled a complaint dismissed last month by a California judge that says Jones fraudulently shifted them to fee-based advisory accounts.
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California judge dismisses lawsuit claiming that Edward Jones shuttled customers into fee-based advisory accounts that were more expensive than traditional brokerage accounts.