Clinton Marrs featured in Article from RIABiz on Schwab Dispute
Clinton Marr’s was quoted in this article about disputes between Charles Schwab and departing brokers.
After a recent case in which the Charles Schwab & Co. Inc. aggressively pursued one of its own advisors who went independent, industry insiders are wondering if the company is taking a stronger stance against its own brokers breaking away – and perhaps damaging its reputation as a landing place for wirehouse breakaways in the process.
Schwab sued former broker Kristian Colvin, who left the company in September 2009 to become a solo practitioner with Emerson Equity LLC. Colvin, who says he had managed $200 million at Schwab, now has $25-$30 million in assets under management.
Schwab lost the case in both San Diego Superior Court and in a 4-day FINRA arbitration hearing in which the 3-person panel ordered the company to pay what may be an unprecedented $218,881.86 in legal fees to its former broker. Colvin received the money in November.