Ameriprise’s ‘unprecedented’ recruiting suit

Journalists covering this industry are used to seeing firms take each other to court over individual recruiting deals.

But it's exceedingly rare for one wealth manager to question a rival's recruiting practices in their entirety. That's what makes Ameriprise's recent lawsuit against LPL Financial so remarkable.

People who have been paying attention to this industry much longer than I have even reached for the word "unprecedented." But even if there has been a similar case since the broker protocol was started in 2004, the Ameriprise-LPL dispute is certainly unusual.

We'll keep watching for the latest developments.