“How can a firm supervise a broker when he’s got numerous text communications that have no visibility?” Jeff Erez asked.
Meanwhile, Wells Fargo’s WIM group reported close to $2.3 trillion at the end of last month.
Churning cost customers more than $6 million, according to Finra.
Some of LPL's most prominent advisors loved Dan Arnold because he was a nerd.
Wells Fargo Advisors management stresses stability, while recruiter says it appears "faucet of advisors leaving has turned into a drip."
“The numbers are wrong," says broker, who made $1.5 million after guiding clients to invest in friend’s firm, according to the Bureau of Securities.
“The evidence in this case was overwhelming,” says an attorney.
“It makes you wonder what’s next,” says one recruiter.
Will LPL Financial Holdings Inc. be dragged through the mud in the wake of Arnold’s firing?
“Data security remains a top priority at TIAA," says company spokesperson.
