Ameriprise Financial says a top-producing broker who left the firm to go independent has returned to re-join its employee channel.
“We’ve brought back a number of advisors who went independent but then lost interest in being business owners that have to take care of the real estate, staff, etc., ” said Michael Rearden, a regional vice president for Ameriprise in Florida, in a phone interview.
Greg Vandegrift, a former franchise advisor with Ameriprise, left the firm three years ago and joined LPL Financial. He recently visited an employee office in the Orlando area and asked to work for Ameriprise again.
Vandergrift has trailing-12-month sales and commissions of $800,000 and more than $70 million in assets under management, according to Ameriprise.
In early September, a team from Morgan Stanley Smith Barney asked to join Ameriprise in Florida says Rearden. The team, made up of Bill Paynter and Michael Brodsky, has trailing-12-month production of $1 million and about $120 million in assets.
“These advisors believe they will be more valued at our firm and will have more marketing resources and staff,” Rearden said. “This is true for all advisors, even those at the lower levels.”