On December 18, 2024, Ameriprise Financial and LPL Financial reached an agreement to settle their legal dispute concerning advisor recruiting tactics and the alleged improper transfer of client data. This resolution aims to address the contentious issues that arose from advisors moving between the two firms.
The agreement required advisors involved to turn over personal devices to a third-party examiner. This examiner was tasked with deleting any client information that Ameriprise claimed should not have been retained by the departing advisors.
This settlement helps to mitigate ongoing legal costs and uncertainties for Ameriprise. While the specific financial impact was not disclosed, resolving such disputes allows the company to refocus on its core business operations and advisor growth strategies.
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