More than 15 financial advisors have left Edward Jones for Kingsview Partners since 2023, bringing over $2 billion in client assets with them. The St. Louis-based brokerage has responded with lawsuits, including a $1.5 million settlement and an active case against a father-son team, raising questions about how non-protocol firms control advisor transitions.
The Legal Strategy Behind the Numbers
Edward Jones secured its largest victory in June 2025 when Keith Demetriades agreed to a $1.5 million settlement. The former advisor had managed $230 million in assets during his 11-year tenure before opening a Kingsview office in Pampa, Texas in June 2023.
According to Financial Planning, a FINRA arbitration panel approved the settlement after Edward Jones filed claims for breach of non-solicitation agreements, confidentiality violations, and trade secret misappropriation. The panel dismissed additional requests but awarded the financial penalty.
“Mr. Demetriades is thrilled to be done with the Edward Jones distraction and continuing to provide exceptional service to his clients at Kingsview Partners,” stated James Heavey, his attorney from Barton LLP.
The settlement amount stands out as unusually high for non-solicitation cases, signaling Edward Jones intends to make departures costly for advisors who breach agreements.
Arkansas Case Reveals Common Allegations
Edward Jones filed suit against Andrew and Zachary Farmer in Baxter County Circuit Court two months after the Demetriades settlement. The father and son had spent their combined 23 years with the firm before joining Kingsview’s Mountain Home, Arkansas office in July 2025.
AdvisorHub reports the complaint alleges the Farmers engaged in systematic violations:
- Printed confidential client lists six weeks before their departure
- Provided personal contact information to clients ahead of the transition
- Contacted customers after joining Kingsview while misrepresenting their status
- Solicited business in violation of employment terms
The duo managed $160 million in combined assets and generated $1.1 million in annual revenue. Their case remains pending as of December 2025.
An Edward Jones spokesperson emphasized the firm’s priorities: “Our top priority will always be serving our clients and helping them achieve financially what is most important to them. We do this by continuing to invest in systems, tools, processes and solutions for our financial advisors.”
Kingsview Partners declined to comment on the litigation.
Why Non-Protocol Status Matters
Critical distinction: Edward Jones operates outside the Broker Protocol, an industry agreement that allows advisors to take basic client contact information when changing firms. As a non-protocol firm, Edward Jones treats all client data as confidential company property. Advisors who leave cannot notify clients of their departure without facing potential legal action.
This creates significantly higher risks compared to protocol firms where advisors can legally bring client lists to new employers.
The Recruitment Pattern Continues
Kingsview’s aggressive recruitment strategy appears undeterred by the legal costs. On the same day Edward Jones filed the Arkansas lawsuit in August 2025, Kingsview announced hiring Terry Hoppmann, a 22-year Edward Jones veteran with $368 million in assets and $2.2 million in annual revenue generation.
Investment News reported that Josh Lewis, who founded Kingsview in 2008, returned to active management as CEO and Chairman in July 2025. The Oregon-based RIA shifted its strategy toward acquiring wealth management firms while maintaining its advisor recruitment pipeline.
The timing demonstrates that potential legal exposure has not slowed Kingsview’s growth plans.
What Advisors Need to Know
Industry recruiters stress the importance of legal counsel for anyone considering a move from non-protocol firms. As noted in AdvisorHub commentary, “Anyone who leaves from there and tries to take clients elsewhere needs to consult experienced counsel before their move and be very sure that they follow protocol rules to the letter.”
Edward Jones employs approximately 20,000 brokers who manage more than $2.3 trillion in client assets. The firm reported advisor attrition reached 6.4% in 2025, up from 5.3% the previous year, though company representatives attribute most departures to retirements rather than competitive recruiting.
The $1.5 million precedent from the Demetriades case could influence how other disputes proceed, including the Farmer lawsuit. Meanwhile, Kingsview’s continued success in recruiting Edward Jones advisors suggests the firm calculates that potential legal costs remain worthwhile given the revenue these experienced advisors generate. For industry observers tracking these developments, Rubicon Report provides ongoing analysis of wealth management trends and regulatory shifts.
The edward jones kingsview advisors lawsuit cases highlight how employment agreements at non-protocol firms create substantial financial exposure for advisors who mishandle client data during transitions.
