Ahead of the Department of Labor’s official start date, June 9, many broker-dealers have been busy adding advisors and watching some deapart.
A team of 15 advisors with about $437 million in assets under management has left Wells Fargo Advisor Financial Network, the firm’s independent channel, to join Ameriprise Financial in Lafayette, Indiana.
Bison Financial Group is led by CEO Dave Vorbeck, CFP, and President and COO Steve Dunnuck, CFP.
“We set out to find something different than we had experienced at our last firm. After extensive due-diligence, we found Ameriprise to be a firm built around helping advisors provide a compelling client experience – and, in turn, grow their practices,” said Vorbeck in a statement.
“I think one of the things that impressed the team most about Ameriprise is the dedicated leadership and support they’ll receive within our independent channel,” explained Patricia Moll, senior franchise field vice president, in a press release. “We’re in this together with them – helping attract, serve and retain target-market clients.”
Meanwhile, Wells Fargo FiNet said it added two advisors from rivals: John Miller of Knoxville, Tennessee, left UBS to join advisor Brad Riley at Riley Private Wealth Management. Miller is set to move with over $119,000,000 in client assets and 25 years of industry experience.
In addition, Robert Stansberry of Columbia, Missouri, has left Stifel to start his own practice with FiNet. Stansberry works with over $125 million in client assets and has been in the business for 36 years.
Raymond James’ New
St. Petersburg, Florida-based Raymond James says it has added two bank programs to its Financial Institutions Division: Athens Federal Investment and Retirement Services, the retail investment program at Athens Federal Community Bank in Tennessee which has two advisors and roughly $141 million in client assets.; and Androscoggin Financial Services, the investment program for Androscoggin Bank in Maine, which includes two registered representatives and $60 million of assets.
Both programs were previously affiliated with INVEST Financial and Pershing before they aligned with Raymond James this year.
“We have had an outstanding start to the year as we continue to welcome great programs to our growing Financial Institutions Division,” said Tim Killgoar, senior vice president and head of Raymond James FID, in a statement. “We’re pleased that both Athens Federal Community Bank and Androscoggin Bank discovered how beneficial Raymond James’ depth of resources and support can be as they grow their programs and expand their client bases.”