LifeMark Securities has faced scrutiny in the past for its sales of GWG L bonds.
LPL has closed 56 deals in its succession program, using $690 million of capital, according to William Blair analyst Jeff Schmitt.
"We think this happened because of Anderson's age and that he was possibly leaving," said the advisor's attorney.
Michael Bradley faces allegations of "improper recommendation to clients" who bought GPB securities.
Back office workers and support staff are particularly vulnerable when big broker-dealers lay off staff.
FINRA has been focused on firms and their use of social media for several years.
In regards to the new fund, called WVB All Markets Fund, Morningstar analysts wrote that, "despite the brand-name pedigree of the asset managers involved, most of these strategies are untested."
The competing legal strategies appear contrary to Stifel's public statements about defending its structured notes' tactics.
For decades, the bulk of the retail brokerage industry has moved away from selling expensive, proprietary funds.
LPL is an acquisition machine, but the two deals are designed differently.
