$173M advisor quits LPL Financial for Ameriprise in succession planning move
Ameriprise Financial picked up an advisor from LPL Financial who previously managed $173 million in client assets and is teaming with a veteran broker at the firm as part of a succession plan, according to a company spokeswoman.
The unusual career move follows a two-way recruitment swap that involved both firms earlier this month when LPL and Ameriprise hired advisors from one another who managed $1.5 billion in combined client assets.
Ameriprise’s newest addition, Jamie Grupe, joined the company’s independent broker-dealer channel in Hudson, Wisconsin, where he is partnering with advisor Steve Kinney. Grupe has 20 years of experience under his belt, according to FINRA BrokerCheck records. He spent eight years at LPL and has past experience at HD Vest Financial Services and Genworth Financial Securities.
Kinney has been with Ameriprise for the entirety of his 39-year career.
"Steve and I share the same values and we both care about the local community,” Grupe said in a statement. “Eventually Steve plans to retire, so us working together is part of his succession plan."
Grupe also cited the firm’s resources and management as additional reasons to make the move.
A spokesman from LPL Financial did not respond to a request for a comment on Grupe’s departure from the firm.