Ameriprise Financial said it recently recruited three advisors from Morgan Stanley with a combined $234 million in assets under management.
The news comes about one month after Ameriprise reported its third-quarter results: The group now has 1,994 employee advisors and 7,681 franchise reps for a total headcount of 9,890. Average 12-month trailing fees & commissions per advisor is $550,000 vs. $511,000 a year ago.
For its part, Morgan Stanley has 15,759 financial advisors. The registered reps have average client assets of $146 million; their yearly fees & commissions average $1.07 million. The wirehouse said it was leaving the Protocol for Broker-Dealer Recruiting in late October.
Ryan Lurie of Scottsdale, Arizona, joined Ameriprise’s employee channel. He has about $69 million in assets and reports to branch manager Matthew Rea.
“After learning what Ameriprise could offer my clients, I knew I wanted to be here,” Lurie said in a statement. “I tailor a portfolio for every single client, because each one has unique time horizons, goals, risk tolerances and estate plan wishes.”
Jay Gordon of Westborough, Mass., also became part of the firm’s employee channel. The advisors and associate vice president has roughly $73 million in assets; his new branch manager is Kevin Leonard.
“After many months of due diligence, it was clear to me that my retirement-focused clients would be better served at Ameriprise where the focus is on financial planning,” the advisor said in a statement.
Paul Notermann of Edina, Minn., is now in the Ameriprise employee channel with about $92 million in assets; he reports to branch manager Jonathan Frigo.
“I chose to join Ameriprise because of the firm’s high client-satisfaction scores, and the support it offers for external practice acquisitions,” the advisor explained in a statement.