Prime Capital Financial announced the addition of financial advisor Brendan Kenny on May 14, but his transition from Edelman Financial Engines is shadowed by a temporary restraining order (TRO) issued by a federal judge in Delaware. The order, granted on May 11, prohibits Prime Capital from contacting any Edelman clients that Kenny serviced during his tenure at the mega-RIA. The TRO remains in effect until a preliminary injunction hearing scheduled for May 22.
Kenny, who served as executive director of financial planning at Edelman, resigned on May 8. He is now a central figure in a legal dispute that began in November 2025, when Edelman sued Prime Capital for allegedly executing a systematic strategy to poach approximately 40 advisors and $1.5 billion in client assets. The lawsuit accuses Prime of deploying a so-called playbook to lure advisors away from Edelman, a charge Prime denies.
U.S. District Judge Maryellen Noreika issued the TRO, writing that Prime Capital is temporarily barred from initiating contact with or soliciting any Edelman client with whom Kenny worked. This marks the second TRO granted to Edelman in the case; a March order similarly restricted Prime advisors Joan Greenspon and Amanda Salyer from soliciting former Edelman clients. Judge Noreika noted the repeated nature of Prime's conduct and the risk of irreparable harm to Edelman, adding that any future hires of Edelman planners by Prime must not involve unilateral client contact.
Prime Capital, based in Kansas, manages approximately $40 billion in client assets. Kenny, who is based in Connecticut, had been registered with Edelman since 2013, according to SEC records. His background includes roles at Morgan Stanley, UBS, Smith Barney, and Fidelity Investments, though Prime's press release did not mention Edelman.
In a statement following the ruling, a Prime Capital spokesperson accused Edelman of acting anticompetitively, saying the court relied solely on Edelman's account. The spokesperson asserted that Prime has acted ethically and prioritized client and advisor interests, while Edelman made false accusations to protect its own interests.
Kenny holds a Certified in Blockchain and Digital Assets (CBDA) designation from the Digital Assets Council of Financial Professionals, a cryptocurrency education platform founded by Ric Edelman, who launched Edelman Financial Services in 1986. The case highlights ongoing tensions in the RIA space as firms compete for top talent and client assets, with legal battles becoming increasingly common. For context, similar disputes have emerged in the industry, such as a recent Corient expansion into Oklahoma and leadership changes at Osaic.
