Ameriprise nabs $304M team from MassMutual
Ameriprise recruited a team from MassMutual where the group oversaw $304 million in client assets, according to a company spokeswoman.
The move is indicative of the firm’s aggressive hiring strategy to expand its brokerage ranks. Other recent hires include a team from Wells Fargo which oversaw $174 million in client assets. Ameriprise has added a net 98 advisors over the past 12 months, bringing total headcount to 9,979 independent and employee advisors, according to the company’s earnings report.
John Ross and his team, the firm’s newest additions, joined the company’s independent channel. Making the move with him are advisors Billy Diodato, Dan Buckley and Jack Fraser; client relationship managers Johnathan Ross (John Ross’ son) and Pamela DeRose; and executive assistant Maryann Gulotta.
The team goes by the name John Calabrese Financial in honor of Ross’s business partner and friend, John Calabrese who died in 2014. "John was a visionary leader, mentor and partner who treated every client like family,” Ross said in a statement.
The team operates two offices in Staten Island, New York, and Spotswood, New Jersey.
All four advisors worked at MML Investor Services and MSI Financial Services, according to FINRA BrokerCheck records. Ross is an industry veteran with 29 years of experience in financial services. Buckely and Fraser have 21 and 24 years in the industry and Diadato, 11 years.
"We chose to make a move to be more aligned with our vision for how to best serve our clients — which is through comprehensive financial planning,” Ross said.
A spokeswoman at MassMutual did not respond to a request for comment on the departures.