Wells Fargo lost an adviser who managed $193 million in client assets to Ameriprise, a spokeswoman for the firm confirmed.
Adviser Michael Fisher, who generated $2.4 million in production while at Wells Fargo, joined the firm in Melville, New York, the spokeswoman also confirmed. The job move was made last month, after the Department of Labor issued new regulatory guidance targeting back-end compensation in recruiting packages.
Ameriprise has scored several recruiting wins lately. Last week, the firm announced it swept up 10 advisers who managed $1 billion in combined client assets, including a $344 million team from Morgan Stanley.
Client assets managed by the Minneapolis-based firm also reached a record $476 billion in October, according to its third quarter earnings report.
“We know advisers face a big choice when deciding to make a move,” said Manish Dave, senior vice president of business development at Ameriprise. “We’re continually able to attract and retain some of the best advisers in the industry by instilling confidence that now is the right time and Ameriprise is the right place to grow their practices and serve their clients.”
Fisher comes to Ameriprise after a decade-long run in the wirehouse world. He was most recently at Wells Fargo, where he worked for four years as adviser and managing director, according to BrokerCheck and his LinkedIn profile. Prior to that, he spent five years at UBS and a couple months at Merrill Lynch.
Fisher has 16 years of total industry experience, having started in financial services at Citigroup, BrokerCheck shows.
Ameriprise employs 9,747 independent and employee advisers, according to the firm’s latest earnings report.
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