An advisor in a failed transition has filed a lawsuit against the firm he was transitioning to (LPL), as well as the firm he had resigned from (Citizens Bank & Trust).

According to AdvisorHub, Nathanial Adams alleges that LPL's staff accidentally informed his former employer, Citizens Bank & Trust, of his impending move by calling the bank to verify his employment. AdvisorHub reports that this allegedly led Citizens to pressure him to leave and ultimately pursue criminal charges against him for theft of trade secrets and possession of personal identification information.

In his lawsuit, Adams accuses LPL of giving him "inconsistent and misleading advice" on what client information he could take with him and failing to provide promised legal support. He claims LPL's mishandling of his transition caused financial losses, damage to his professional reputation, and emotional distress. Adams also accuses Citizens of escalating the situation unnecessarily and forcing him to resign under duress.

Adams is now seeking unspecified damages from both LPL and Citizens. His claims include constructive dismissal, negligent interference against Citizens, and negligence and fraudulent inducement against LPL. Both firms are accused of violating Florida's Deceptive and Unfair Trade Practices Act.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.