Ameriprise loses $197M team to Stifel

Two advisors overseeing $197 million in client assets left Ameriprise for Stifel, making them the latest brokers to join the regional firm, a company spokesman confirmed.

Tom Hankins and Jay Lauzon have joined the firm's office in Flint, Michigan. Stifel opened that office last month when it recruited three former Wells Fargo advisors who managed $300 million in client assets.

The St. Louis-based firm's recent hires are industry veterans. Hankins, an advisor of two decades, had been with Ameriprise since 2004, according to FINRA BrokerCheck records. Lauzon also started working at the firm in 2004. He has been an advisor since 1991, per BrokerCheck. Monica Veit, registered client service associate, also moved with the team.

A spokeswoman for Ameriprise was unavailable for immediate comment on the departures.

The Minneapolis-based brokerage firm recently made changes to its investment platform, removing American Funds mutual funds from commission-based accounts. The funds are now only accessible in wrap accounts at Ameriprise.

For its part, Stifel says it plans to further expand its presence in Michigan, building on success there and elsewhere. Alvin Spencer, Michigan regional director, credited Stifel's platform and service model with attracting the firm's recent hires.

"Our goal is for Stifel to be the firm of choice for advisors in the state of Michigan," he said.