Ameriprise plucks $584M advisors from Wells Fargo, Morgan Stanley
Continuing its recruiting streak, Ameriprise Financial poached three teams from two wirehouses, Morgan Stanley and Wells Fargo.
Wells Fargo lost a $133 million father-son team to Ameriprise. The Powell Consulting Group, comprised of Dick and David Powell, now work from the regional broker-dealer’s Troy, Michigan, office. Robert Armstrong, who managed approximately $113 million in client assets at Wells Fargo, joined the regional BD’s Louisville, Kentucky, branch.
Ameriprise also plucked the team of Paige Hatton and Peter Sullivan last month from Morgan Stanley, installing them in its Tampa, Florida branch. The team managed $338 million.
Combined, the three teams manage approximately $584 million.
The BD’s employee channel is attracting more independent reps through offerings like technology and practice acquisition support.
The firm is looking at a range of “different opportunities” for potential wealth management deals, CEO Jim Cracchiolo says.
Both advisors are attracted by Ameriprise’s technology and investment options.
Ameriprise’s advisor headcount expanded by 98 year-over-year to 9,979 at the end of the first quarter. The firm’s ranks are comprised of 7,789 independent advisors and 2,190 employee brokers.
Dick Powell began his 48-year career at Goodbody & Co. in 1970 and joined Wells Fargo in 2009. He also has work experience at working at Morgan Stanley, E.F Hutton and Merrill Lynch.
His son, David, got his start at Smith Barney before moving on to a five-year stint at Comerica Securities. David was at Wells Fargo for a year before making the move to Ameriprise.
Hatton and Sullivan worked 36 and 26 years, respectively, at Morgan Stanley. Armstrong spent a total of 15 years at UBS and Wells Fargo.
Spokeswomen for Morgan Stanley and Wells Fargo declined to comment on the moves.