Ameriprise, Wedbush add advisors totaling $181M in AUM
Wedbush Securities and Ameriprise Financial have each recruited an advisor from rivals with a cumulative $181 million in client assets at their former firms.
Wedbush tapped Frank Story as its managing director and New York tri-state market manager from Stifel Financial, where he served as New York branch manager for 15 years and managed $100 million in client assets. Story, a 29-year industry veteran, will work on building the firm’s wealth management presence in the tri-state area.
He previously worked at Prudential and Wachovia, according to FINRA BrokerCheck Records.
The regional broker-dealer based in Los Angeles recently hired an executive from a hybrid RIA under LPL Financial, creating a position for him in response to the growing number of independent financial advisors at the firm.
Wedbush has about 400 advisors, a spokeswoman confirmed.
A spokesman for Stifel denied to comment.
Meanwhile, Ameriprise added Doug Sehres to its arsenal from Securian, a mutual fund company, where he had $81 million in AUM, according to the company. Sehres will be joining the Minneapolis-based firm’s employee channel in their San Antonio office.
Before joining Ameriprise, he spent his 11 years in the industry at Securian, according to BrokerCheck.
Ameriprise is looking to recruit more advisors, CEO Jim Cracchiolo told shareholders on its latest earnings call this month. The Advice & Wealth Management division accounts for 50% of the company’s earnings, a number that has grown from 36% in 2016. Productive planners are key for continuing the firm’s growth, he said on the call.
A Securian spokesman declined to comment.