Ameriprise Financial (AMP) said late Tuesday that it had hired several advisors recently, including some from Morgan Stanley (MS), Oppenheimer (OPY) and J.J.B. Hilliard, W.L. Lyons. They join Ameriprise with about $565 million in assets under management.
Ameriprise, led by Jim Cracchiolo (left), says the independent team of Lachlan, Fiona and Donald Cameron is now affiliated with the firm in Pasadena, Calif. The group joined Ameriprise’s independent network from its former broker-dealer Cameron, Murphy and Spangler, where they managed about $311 million.
Independent advisor Robert Norvell joined Ameriprise independent channel with some $121 million in assets from J.J.B. Hilliard, W.L. Lyons. He is based in Tulsa, Okla.
Joining Ameriprise’s employee channel in Saddlebrook, N.J., are Barry Hess, formerly with Morgan Stanley, and Robert Adler, who was previously with Oppenheimer. The two advisors each manage about $65 million in assets.
In the third quarter, Ameriprise said it had a total of about $320 billion in assets under management. The number of advisors increased by 51 from the second quarter to 9,714. From a year ago, though, the figure was down by nine advisors.
The total number of Ameriprise employee advisors was 2,182 as of Sept. 30, while franchisee or independent advisors stood at 7,532.
Retention stands at 90.5% for employee advisors and 94.6% for franchisee FAs, up both year over year and sequentially, the company says.
Operating net revenue per advisor expanded 14% from a year ago to $97,000, representing an average annual production level of nearly $388,000.
“We continued to demonstrate the strength and resilience of our business despite a challenging market environment,” said Cracchiolo in the company’s Oct. 26 earnings release. “Client acquisition and advisor recruiting remained strong, and our advisor productivity was near all-time highs.”