Growth-minded team chooses Ameriprise IBD after four-year search
A team of four financial advisors aims to more than double the size of their practice in three to five years after affiliating with Ameriprise.
Advisors Peter Goudeau Jr., his son Peter Goudeau III, Larry Boyd and Andrew Brereton of Oak Bridge Financial aligned with the firm’s independent broker-dealer, Ameriprise said earlier this month. The elder Goudeau had spent the previous 18 years with New York Life Securities, where the Houston-based practice managed $114 million in client assets.
The team spent four years searching for a new broker-dealer. Ameriprise’s approach in being “adamant and focused in helping us grow through acquisitions” made it stand out from other IBDs such as LPL Financial and Commonwealth Financial Network, according to Goudeau. He praises New York Life but says the practice had “outgrown” its investment and asset management capabilities.
“We just felt like we've got a window open now,” says Goudeau. “It certainly is scary to kind of pack up and move after you've been some place for so long. There's opportunity out there.”
He adds that Ameriprise’s support also helped with making a change in the middle of a pandemic, which he found “a little unnerving.”
Representatives for New York Life didn’t respond to a request for comment on the departure.
The practice formally switched their BD on July 1, according to FINRA BrokerCheck. Brereton, who started at their prior firm three years ago, operates remotely from Atlanta. Boyd joined the practice in 2003, while Goudeau’s son came aboard eight years ago.
Their goals call for reaching $250 million to $300 million and $3 million to $4 million in annual gross dealer concessions by 2025, according to the practice’s founder. A potential acquisition that they’re now considering could double the team’s production in one transaction, he says.
A number of advisors have been making moves despite the pandemic. In other recent examples, three ex-UBS advisors managing $1 billion in client assets left to join Stifel and six former Wells Fargo Advisors reps with $300 million dropped the wirehouse to affiliate with Raymond James’ IBD.