Adviser movement heats up the dog days of summer

This week's top InvestmentNews stories feature an LPL exec's exit, potential pitfalls for brokers changing jobs, a flurry of adviser moves and a high-profile lesson in trust planning.

Aug 15, 2014 @ 10:42 am

By Andrew Leigh

It was a week of departures in the adviser space. LPL Financial saw more high-level turnover as its chief market strategist, Jeffrey Kleintop, heads to the Charles Schwab Corp. Firms' ability to tell when one of their brokers is on the verge of jumping ship became a hot-button issue. The week also saw a flurry of reported adviser movement, tracked by InvestmentNews' exclusive Advisers on the Move database. And in the wake of Robin Williams' death, the leaking of outdated documents related to the actor's estate raised important privacy concerns in trust and estate planning. Here's the full rundown of the week's biggest news for advisers:

Jeffrey Kleintop quiety resigns from LPL, heads to Schwab

Jeffrey Kleintop was the latest executive to leave LPL. As Bruce Kelly reported, he left his post as chief market strategist for a gig on the international investment team at Schwab. The other executive roles where LPL has seen turnover recently: senior vice president of research, chief marketing officer, managing director for independent adviser services, and president of national sales. That's a whole lot of change at the broker-dealer behemoth.

Brokers may be tipping their hands on pending firm changes

Large withdrawals, moving assets into accounts owned by family members, liquidating shares in proprietary products — these brokerage account activities might end up being telltale signs that a broker is about to leave his or her job. And the consequences can be severe if these transactions precede a move — these brokers run the risk of being fired immediately or facing legal action from their firms, as Mason Braswell reported. As a guide, we also pulled together nine concrete examples of things to avoid doing if you're a broker planning to switch firms.

$2.4 billion in client assets changes firms

Based on the week's additions to our Advisers on the Move database, there've been no summer doldrums for adviser recruiting. Nine new moves were reported this week, with a grand total of $2.4 billion in assets reportedly changing firms. The biggest move saw a former Merrill Lynch team break away to become HighTower Advisors partners, which Mason Braswell also reported on.

Robin Williams' trust documents highlight big estate planning issue

Out-of-date estate documents were all over the web in the wake of Robin Williams' death, highlighting the critical role privacy plays in trusts and estate plans. As Darla Mercado reported, trust documents are supposed to be private, distinguishing them from a will, which filters through probate court into the public domain. If a trust protector had been appointed, the leak of inaccurate and private trust details might never have happened.


What was the biggest advice industry story of the week for you?

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