Not all transitions are safe under the Protocol for Broker Recruiting.

Ryan H. Riley and Glen Wilk, advisors who both recently joined Ameriprise, are now facing lawsuits filed by their former firms. Riley left J.P. Morgan Securities and joined Ameriprise on July 10. While at J.P. Morgan Securities, Riley managed $146 million in client assets. J.P. Morgan Securities alleged that Riley moved $25 million of those assets to Ameriprise by too aggressively soliciting his former clients. J.P. Morgan has now asked a federal court to enter a temporary restraining order and preliminary injunction against Riley.

Meanwhile, Wilk is also the subject of a lawsuit related to his transition to Ameriprise. Prior to joining Ameriprise, Wilk was an advisor at Wells Fargo Advisors. Wells Fargo is seeking a temporary restraining order against Wilk, and has alleged that Wilk has moved $51 million in client assets to Ameriprise from Wells Fargo. According to Wells Fargo, when Wilk left Wells Fargo, he took confidential client information outside of what is allowed under the Protocol for Broker Recruiting. Wilk denied that he took any confidential information.

Financial Advisor Transitions helps advisors weigh the advantages and disadvantages of their transition options, and guides them as they transition from one firm to another. Call us today for a free consultation.