Ameriprise lures $309M advisors from 2 rivals as recruiting escalates
Ameriprise has added two more advisors to its talent pool, poaching planners managing a combined $309 million from rival firms.
Advisor Neil Bailey of Cincinnati, Ohio, joins the firm from LPL Financial, where he managed approximately $186 million. Paul Rose of Easton, Pennsylvania joins Ameriprise’s franchise channel from Wells Fargo Clearing Services, where he managed approximately $123 million.
Ameriprise has been scooping up talent from its rivals over the last few months, as it looks to reverse a decline in its headcount. There has been a steady flow of advisors exiting the wirehouses for smaller regional firms and independent brokerages. Advisors say they are drawn to these places for the culture and efficiency.
“We were looking for the smoothest experience for the client, and we found that in Ameriprise,” Bailey said in a statement announcing his move. “Our clients appreciate the ease of doing business that comes with the Ameriprise’s technology, including its e-signature and account aggregation tools.”
Previously, Bailey spent five years with LPL Financial, according to FINRA BrokerCheck records. Before LPL he was with Silver Oak Securities for one year and prior to that, he spent two years with CFD Investments.
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Team of 9 advisors is latest to depart amid transition to LPL.December 12
Both advisors are attracted by Ameriprise’s technology and investment options.December 4
Advisor Molly Grimm and client service associates Susan Hargrave and Dede Potticary are making the move with Bailey. The team serves a variety of clients with a focus on pre-retirees and retirees, Bailey said in an email. They plan to leverage Ameriprise’s technology platform as well as their own customer service experience to attract more high-net-worth clients.
In a statement, Rose also cited client experience as a top reason for his move to Ameriprise.
“We felt Ameriprise could provide the service experience that our clients expect and deserve,” he said.
Rose spent 11 years with Wells Fargo, according to BrokerCheck. Prior to Wells, he spent four years with Pruco Securities.
Rose was not available to comment directly, Wells Fargo declined to comment, and LPL did not respond to a request for comment.