Independent Cetera team fighting Avantax ‘trade secret’ lawsuit
March 7, 2023 by Tobias Salinger
A simmering legal feud between two of the largest tax-focused wealth management firms underscores the shifting challenges for independent financial advisors who switch brokerages — and the industry’s scrutiny of LinkedIn posts.
A previously-unreported lawsuit filed by the parent firm of Avantax Wealth Management cited a LinkedIn post by Brian Stern, the co-founder of Farpointe Wealth Partners, a branch that moved from Avantax to Cetera, as evidence of a “conspiracy” to recruit Avantax advisors to follow Stern to rival brokerage Cetera Financial Specialists.
Click HERE to read the full story via Financial Planning
Wink’s Note: Financial services firms need to smarten-up.
Product manufacturers and distributors, both, are quick to give recognition to top producers.
In fact, when I worked in the home office, I would scour the web for this information, so that my insurance company could use the data for their recruiting efforts.
That’s right! Competitive intel at it’s finest, my friends!
Today, Tobias Salinger at Financial Planning gave me a heads-up on a trade secret lawsuit between Avantax® and Cetera Financial Specialists.
Read it. I think you’ll be interested. -sjm
