Ameriprise hires $182M Hilliard Lyons team ahead of acquisition by Baird

Ameriprise picked up advisors managing $282 million in client assets, including two brokers from Hilliard Lyons which is being bought by Baird, a rival regional BD.

Advisors Angie Messer and Greg Rust left Hilliard in December, according to FINRA BrokerCheck records. Baird announced its acquisition of their former employer Nov. 27, a deal set to close later this year.

Messer and Rust opened an independent practice in Greensburg, Indiana. They previously oversaw $182 million in client assets, according to Ameriprise.

Messer said in a statement that “we look forward to treating our clients to innovative financial planning and investment resources, more advanced technology, and a better all-around customer experience."

Messer had been with Hilliard Lyons since 2008. Rust was a 27-year veteran of the company.

A spokesman for Hilliard Lyons could not be reached for immediate comment.

Hilliard Lyons has about 380 financial advisors and is headquartered in Louisville, Kentucky. Baird, based in Milwaukee, has about 800.

Ameriprise, which operates both an independent and employee channel, has been aggressively courting talent from rival firms, particularly wirehouses.

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On that score, Ameriprise also said it recently hired a former Wells Fargo advisor for its employee brokerage unit. Sean Riley joined the brokerage firm in Scottsdale, Arizona, where he reports to branch manager Matthew Rea. Riley previously oversaw about $100 million in client assets.

“I chose Ameriprise after visiting with several other firms. I really connected with their financial planning and investment focus, as well as the emphasis on best-in-class technology,” he said in a statement.

Riley focuses on serving high-net-worth, families, corporations, and non-profit organizations. Prior to joining Wells Fargo in 2009, he worked at UBS, according to BrokerCheck records.

A spokeswoman for Wells Fargo declined to comment.

The bank, which has been under regulatory scrutiny due a phony account scandal and other misconduct, has lost a number of advisors in recent years. For its third quarter earnings, Wells Fargo reported a net decline of 1,012 advisors since the third quarter of 2016.