Ameriprise snags 2 advisors with $163M from rivals
Ameriprise has been picking up advisors throughout the year, and it doesn’t look as if the firm will slow down anytime soon.
The Minneapolis-based firm recently announced that two it lured away two new advisors from competitors AXA Advisors and Oppenheimer.
A total of 155 new advisors have moved their practices to Ameriprise in the last two quarters, according to earnings call statements made by CEO Jim Cracchiolo. The company reported having 2,176 employee advisors and 7,730 independent advisors at the end of the second quarter.
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The firm’s most recent hire is Gregory Manto, an advisor who managed $87 million at AXA Advisors, according to Ameriprise. He is based in New York City and has 22 years of experience in the industry, according to FINRA BrokerCheck.
He joined Ameriprise's independent franchise.
Manto is also moving to a bigger IBD. AXA Advisors is ranked No. 8 in terms of revenue, having reported $786.5 million in 2017, according to Financial Planning's annual FP50 survey of the largest IBDs. Ameriprise reported $4.26 billion in revenue, second only to LPL Financial.
Manto says he was drawn to the firm’s team structure.
“Ameriprise has helped a lot of advisors build efficient and effective practices built on a team model,” said Manto in a statement. “Each member of the team has defined areas of expertise and responsibility, and they combine their strengths to deliver an exceptional experience for clients.”
The other advisor, Ed Pontarelli, joined the firm's employee side earlier this year in Providence, Rhode Island. He came from Oppenheimer, where he managed approximately $76 million in assets, according to Ameriprise. He had 18 years of experience in the industry, according to FINRA BrokerCheck.
Carrie McPherson, registered client service associate and practice manager, also moved with Pontarelli to Ameriprise.
Oppenheimer declined to comment on the departures.
AXA Advisors did not respond to an immediate request for comment.