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Their partnership started off on a promising, if unusual, note: best-selling author joins $13 billion dollar RIA. But three years and one termination later, the relationship has deteriorated into a war of words — and threats of legal action.
Ric Edelman, owner of an eponymous wealth management firm, has threatened to sue his former partner, David Bach, for allegedly stealing trade secrets to build his own rapidly growing RIA, according to a cease-and-desist letter obtained by Financial Planning.
The letter, dated Oct. 3, was sent to Bach by Edelman Financial's lawyer. It alleges that Bach is using Edelman proprietary information in violation of an employment agreement he signed while employed at the RIA. The letter, which points to comments by Bach in news articles, asks him to stop his alleged activities. Reached by phone, Edelman verified its authenticity.
"I am shocked," Bach said, before referring further inquiries to a spokeswoman who denied the allegations in a statement.
“These allegations are utterly false, misleading and a sad attempt by Ric Edelman to torturously damage David Bach's personal and professional reputation and successful growing business,” the spokeswoman says.
It’s a far cry from how their relationship began in 2014 when Edelman brought on Bach, author of the popular "Finish Rich" series of books, as vice chairman in hope of...